GBPUSD With a Breakout Above the Range
Demand for the pound rose today following the publication of better-than-expected services PMI data in the UK for February. This prompted a breakout above the upper limit of the consolidation range.
The range spans between the 61.8 per cent Fibonacci retracement level at 1.35999 and 38.2 per cent Fibonacci at 1.35077.
The next target for the reinvigorated uptrend will be the previous swing peak at 1.37500, though an intermittent pullback to the resistance-turned-support at 1.35999 is also possible.
The range spans between the 61.8 per cent Fibonacci retracement level at 1.35999 and 38.2 per cent Fibonacci at 1.35077.
The next target for the reinvigorated uptrend will be the previous swing peak at 1.37500, though an intermittent pullback to the resistance-turned-support at 1.35999 is also possible.
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