GBPUSD – Flat
During the previous trading day, the cable made a fresh weekly low, but is still above the weekly support level 1.27355. The level 1.27355 is both a weekly and a monthly support and as long as the price remains above it, we expect a possible bounce from it to pick a low risk buy order towards 1.42339. As it is, on the weekly chart, while the price is above 1.27355, we’re looking for a buy order, but should the price close below 1.27355 by the end of this month, then we’re continuing short with an ultimate target at 1.20615.
Rebuy the cable around 1.27355 towards 1.42339.
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