GBP/USD: 1st Resistance At 1.2190/1.2200
Jason Sen | Oct 26, 2016 03:18AM ET
GBP/USD first resistance at 1.2190/1.2200. Bulls require a break above 1.2240 for a slightly more positive outlook & can then target 122.70/80, perhaps as far as resistance at 1.2325/35. This is also last week's high but a break higher this week could target strong resistance at 1.2440/60. This is also the 2 week high, but above here targets 1.2610/30, then some resistance at 1.2660/80. Further gains could target 1.2760/80, perhaps as far as resistance at 1.2805/25.
Failure to beat 1.2200/1.2190 re-targets 1.2140/30 then 2 week lows at 1.2095/1.2085 which will be the most important support of the day. If we continue lower we could look for weak support at 1.1930/10.
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