Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

GBP/USD: Retests 1 Month Trend Line Support At 1.2950/40

Published 05/25/2017, 03:20 AM
Updated 07/09/2023, 06:31 AM

GBP/USD Daily Chart

GBP/USD failure to beat what is now minor resistance at 1.2990/80 retests 1 month trend line support at 1.2950/40. HOWEVER longs are far more risky today, if you try use stops below 1.2910. A break lower signals a test of much better support at 1.2830/20. Try longs with stops below 1.2790.

Bulls still in control as we just held 1.2950/40 and now test minor resistance at 1.2990/80. Further gains could retest 1.3045/47 highs from last week. A break higher targets 1.3055/60 and 1.3085/90 before 11 month trend line resistance at 1.3110/20 and the main challenge for bulls this week.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.