GBP/USD: Longs Need Stops Below 1.2525
Jason Sen | Dec 02, 2016 04:13AM ET
GBP/USD first resistance at 1.2600 and holding below targets 1.2557 then support at 1.2545/40. This must hold the downside if bulls are to build a trend. Longs need stops below 1.2525. Failure here keeps us trading sideways at best, targeting 1.2497/92 then strong support at 1.2460/50 for a buying opportunity.
First resistance at 1.2600 but a break higher targets 1.2635/40, 1.2660/70 and then a retest of 1.2695. A break higher targets 1.2645 then 1.2675. Look for very important longer term resistance at 1.2800/10. Very unlikely it will be broken at this stage.
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