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
Disclaimer: Trading in financial markets involves high risk. Past performance does not guarantee future results. FXQ RESEARCH accept no liability, whatsoever for any loss or damage that may result, directly or indirectly, from any forecast, comment or opinion, information or omission, whether negligent or otherwise, within this report.
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