GBPUSD to rally towards 1.3200 levels
GBPUSD might have carved an intermediary low around 1.2675 levels last week. Also note that it has found support around the fibonacci 0.382 retracement of the entire rally between 1.1414 and 1.3500 levels respectively. The currency is trading close to 1.2900 mark for now and should be looking to push towards 1.3180/1.3200 levels in the next few trading sessions. The fibonacci 0.618 retracement of drop between 1.3500 and 1.2675 is seen towards 1.3200 levels, which should provide enough resistance for bears to continue lower.
Remain short, stop @ 1.3500, target is 1.2200
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain short, stop @ 1.3500, target is 1.2200
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.