GBP/USD: Any slide below 1.2200 is seen as a buying opportunity
|The cable’s pullback found some support near the 50% Fibonacci level of the 1.3200-1.1412 steep fall, which should now act as a key pivotal point for intraday traders, Haresh Menghani from FXStreets briefs.
Key quotes
“Below the support around the 1.2315-10 region, the pair is likely to accelerate the slide further towards testing the 1.2200 round-figure mark.”
“Any subsequent slide might still be seen as a buying opportunity and help limit the downside near 38.2% Fibo. level, around the 1.2100 round-figure mark.”
“Momentum back above the 1.2400 mark now seems to confront a stiff resistance near the 1.2455-60 region. A convincing breakthrough has the potential to lift the pair further beyond the key 1.2500 psychological mark and pave the way for a further near-term appreciating move.”
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.