GBP/USD Holding Important Trend Line Support In Oversold Conditions
Jason Sen | Sep 27, 2016 02:13AM ET
GBP/USD has held important trend line support in oversold conditions so a further recovery is possible. We must beat minor resistance at 1.2990/95 to target stronger resistance at 1.3035/40 & the main challenge for bulls today. A good chance of a high for the day but a break higher is a buy signal & targets minor resistance at 1.3080/85. If we continue higher this week look for a selling opportunity at 1.3110/20 with stops above 1.3150.
Failure to beat minor resistance at 1.2990/95 re-targets 1.2950/40 then last week's low & important trend line support at 1.2930/1.2912. A break lower is a sell signal & tests August lows at 1.2868/63. A break below 1.2850 retests the multi year low at 1.2796.
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