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

GBPUSD

 

Interested in GBPUSD technicals? Check out the key levels

    1. R3 1.2808
    2. R2 1.2795
    3. R1 1.2785
  1. PP 1.2772
    1. S1 1.2762
    2. S2 1.2749
    3. S3 1.2739

 

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