GBPUSD (D) - medium term bullish bias
The pound's latest meteoric rise must have taken short-term traders by surprise. But when we take a step back and look at the daily chart, the price action is perfectly in line with fundamental developments. Following the previous rally above 1.2550, the pound has found strong support at the 61.8% (1.2200) Fibonacci retracement level. What we are looking at is possibly the corrective wave C and the rally could extend to 1.2800.
Key support: 1.2300
Key resistance: 1.2800
The pound's latest meteoric rise must have taken short-term traders by surprise. But when we take a step back and look at the daily chart, the price action is perfectly in line with fundamental developments. Following the previous rally above 1.2550, the pound has found strong support at the 61.8% (1.2200) Fibonacci retracement level. What we are looking at is possibly the corrective wave C and the rally could extend to 1.2800.
Key support: 1.2300
Key resistance: 1.2800