GBP/USD: Bulls Fight Back
Jason Sen | Jun 22, 2017 02:25AM ET
GBP/USD bulls fight back as we hold just above the 50% retracement line of the March-May rally. Oversold in the sideways trend but bulls need to beat first resistance at 1.2700/10 to target minor resistance at 1.2760/65, perhaps as far as strong resistance at 1.2810/20.
Failure to beat first resistance at 1.2700/10 triggered a dip to the 100 day moving average at 1.2636/32 and we bottomed exactly here. If we continue lower look for 1.2600 and yesterday's low at 1.2590/87 but bear in mind important 6 month trend line and 200 day moving average support at 1.2550/45. This could hold the downside as we become oversold on the daily chart. Longs need stops below 1.2510.
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