Cable Remain Indecisive: Struggle to find Bullish Support
|In a choppy trade GBPUSD keeps the hope for the bulls alive as POUND reversed its losses with a quick bounce to close the day higher after breaking down the important support at 1.24. A daily close below this support area (1.24) can prove critical for GBPUSD bulls and will keep the Cable in a triangle pattern which may remain intact for a longer period of time. A close above recent high 1.2780 will add strength for further gains towards weekly targets of 1.30, 1.32.
Despite this positive outlook, intraday charts indicate a possibility of a range trade between support 1.2420 and resistance at 1.2680. A retest on the downside towards support 1.2420 areas is expected to bring fresh buying interest to take the pair higher again.
Support: 1.2420, 1.2350, 1.2320
Resistance: 1.2540, 1.2620, 1.2700
Interested in GBP/USD technicals? Check out the key levels
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