GBP/USD – Recovery to 1.24 cannot be ruled out
Cable’s sharp recover from the low of 1.2034 on Wednesday followed by a move higher to 1.2250 levels today in the wake of an oversold monthly RSI suggests a potential for an extended rally to 1.24 handle.
Also note, the area below 1.21 handle acted as a strong buyers’ zone throughout October 2016. The pair’s rebound from 1.2034 yesterday only adds credence to sub 1.21 area as strong support zone.
On the lower side, only a daily close below 1.20 would revive bearishness.
Also note, the area below 1.21 handle acted as a strong buyers’ zone throughout October 2016. The pair’s rebound from 1.2034 yesterday only adds credence to sub 1.21 area as strong support zone.
On the lower side, only a daily close below 1.20 would revive bearishness.
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