GBP/USD the bull run may have lost its way in recent days [Video]
|GBP/USD
The bull run may have lost its way in recent days, but the bulls are still willing to sit in their positions. Yesterday’s candle was a strong reaction to the threat of initial profit taking. A rebound back above $1.2900 shows a degree of fight and a market in consolidation rather than near term correction. Political moves around the next step in the Brexit saga will be a key driver of the next move on Cable, but for now the technicals are developing a consolidation. Yesterday’s low at $1.2840 is initial support whilst the 23.6% Fibonacci retracement of the bull rally sits at $1.2820 and is an initial gauge for how a correction could develop. Resistance around $1.3000/$1.3010 is key.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.