GBP/USD: Retests 1 Month Trend Line Support At 1.2950/40
Jason Sen | May 25, 2017 03:20AM ET
GBP/USD failure to beat what is now minor resistance at 1.2990/80 retests 1 month trend line support at 1.2950/40. HOWEVER longs are far more risky today, if you try use stops below 1.2910. A break lower signals a test of much better support at 1.2830/20. Try longs with stops below 1.2790.
Bulls still in control as we just held 1.2950/40 and now test minor resistance at 1.2990/80. Further gains could retest 1.3045/47 highs from last week. A break higher targets 1.3055/60 and 1.3085/90 before 11 month trend line resistance at 1.3110/20 and the main challenge for bulls this week.
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