GBP/USD reached a high of 1.2256 in the early trading hours of today's session. The pair swinged sharply higher from yesterday's low of 1.2105 and is now trading at 12230. Partially, the climb is influenced by today's vote in the Netherlands and on the other hand, the uncertainty that comes with triggering Article 50 this month. Obviously, some market participants are optimistic about the independent near-term future of the United Kingdom.
The spike, however, might prove to be short-lived as market often make what may seem like irrational moves ahead of important events. This might be regarded as a correction before the pair continues to move to the downside.
Major support is seen at 1.2000, while major resistance it seen at 1.2570.
Chart: GBP/USD H4
Its waiting for the Fed Interest Rate Decision later today.
ReplyDeleteWe'll see what effect the US fundamentals will have on it today.
ReplyDeleteGbp/Usd on the upside limited at 1.2300 level.
ReplyDeleteLet’s see how it keeps going.
ReplyDeleteVery helpful analysis!
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteIt may rise still further
ReplyDelete