Technical Analysis

GBPUSD completes down and up intraday lap

Back above a topside trend line

The GBPUSD has completed a down and up intraday lap in trading today. The early Asian high came in at 1.2420. The high price just reached 1.24227.   In the procecss the pair moved above a topside trend line at 1.2389.  That is a risk level now for buyers looking for more upside.

On the topside, if the ceiling at the 1.2420 area can be busted, the door would open for a run back toward the high at 1.2484. Below that level keep an eye on the 1.24611 level. Looking at the daily chart below, the 50% of the move down from the December high comes in at 1.24611.

Articles You May Like

Cable lingers near 1.3000 with sellers still in near-term control amid election, Brexit focus
Dollar pares slight losses as the session gets underway
Stock earnings calendar moves into the big names this week.
Europe reports another day of big COVID numbers
🔴 Watch Day Trading Live – October 23, NYSE & NASDAQ Stocks (Live Streaming)

Leave a Reply

Your email address will not be published. Required fields are marked *