GBPUSD Daily Analysis – Deep In Oversold Territory
Jason Sen | Aug 17, 2017 09:14AM ET
GBPUSD holding strong support at 1.2850/45 perfectly with a bounce only missing the first target of 1.2905/10 by 2 pips. Try longs again on a retest of 1.2850/45 with stops below the July low at 1.2808. A break lower however is a sell signal seeing 1.2845/50 act as strong resistance to target 1.2760 & perhaps as far as 1.2740/30.
The pair are oversold so I still hope for a further recovery from strong support at 1.2850/45 to target 1.2905/10 & 1.2925/30. Watch for a high for the day. However on further gains we target a selling opportunity at 1.3000/10. Shorts need stops above 1.3035.
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