GBPUSD surge to retest the area at 1.2834-77, Expecting a downward movement
|After breaking the last low, GBPUSD is now rebounded to retest our expected resistance area at 1.2834-77 which was acting as support previously. The long term view is still bullish. It is expected a bearish movement from this area targeting 1.2705 followed by 1.2620. But the scenario will be invalid if the price break the recent high at 1.3046 and that time price the bullish bias will be more significant.
Trading Recommendation:
Sell Limit at 1.2870 Stop Loss 1.2970
Take Profit 1.2770, 1.2650
Interested in GBPUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.