GBPUSD: Looks To Build Up On Gains But With Caution

Discussion in 'Stock picks and trading strategies' started by FXTechstrategy, Jan 5, 2017.

  1. GBPUSD: Having the pair taken back its Tuesday weakness to close higher on Wednesday, more strength is likely in the days ahead. But beware of price hesitation. Support lies at the 1.2250 level where a break will turn attention to the 1.2200 level. Further down, support lies at the 1.2150 level. Below here will set the stage for more weakness towards the 1.2100 level. Conversely, resistance stands at the 1.2350 levels with a turn above here allowing more strength to build up towards the 1.2400 level. Further out, resistance resides at the 1.2450 level followed by the 1.2500 level. On the whole, GBPUSD threatens further upside pressure.

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