GBP/USD: Oversold Short Term
Jason Sen | Jan 09, 2017 05:14AM ET
GBP/USD getting oversold short term in what is a sideways trending market over the past 3 weeks. So a small recovery from today's low at 1.2233 is possible targeting 1.2277/80 then first resistance at 1.2300/10. Exit any longs if you are holding them and try shorts at 1.2330/40. A high for the day likely but shorts need stops above 1.2370.
A break below today's low at 1.2233 targets the December low at 1.2200/97. This is only minor support and a break below adds pressure for 1.2150/45 then 1.2115/10.
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