GBP/USD: Bulls in a strong position now to use weakness as an opportunity [Video]
|GBP/USD
There are key breaks across so many major pairs at the moment, and with Cable, that key break is the upside move above $1.2670 and the big seven month downtrend. Coming with improving momentum (RSI into the mid-60s, Stochastics strongly configured and MACD lines rising, this looks to be a move progressing for a test of $1.2810 now. There has been a slight stalling of the move initially this morning, but the bulls are in a strong position now to use weakness as an opportunity, rather than a threat. Initial support sits on the hourly chart between $1.2640/$1.2670, but essentially support between $1.2540/$1.2670 is a strong area of underlying demand now. There is initial resistance from yesterday’s high of $1.2765.
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