GBP/USD: 1st Resistance At 1.2275/85 Is Key To Direction Today
Jason Sen | Jan 04, 2017 05:23AM ET
GBP/USD bottomed 1 pip above the December low at 1.2197 & this small double bottom could trigger a short term recovery now. First resistance at 1.2275/85 is key to direction today. Be careful as a high for the day is certainly possible (and could be worth trying shorts for a quick turn) but a break higher targets resistance at 1.2330/40. Unlikely to see any further gains at this stage but shorts need stops above 1.2365 with a break higher likely to target 1.2385 then an excellent selling opportunity at 1.2415/25.
A break below the small double bottom at 1.2200/1.2197 is a sell signal to target 1.2145/35 then 1.2090/80.
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