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LimitMarkets

GBPUSD

British Pound / U.S. Dollar (FX:GBPUSD)  
LimitMarkets Updated   
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Chart Patterns Wave Analysis
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trendanalysis chartpattern waveanalysis
As the price has bounced off an important support line and right now it is on its rally towards the area between 50.0 and 61.8 Fibonacci retracement levels in 1.3030 - 1.3050 range. We need to take into a consideration, that the price is approaching a strong resistance level at 1.3020 level. As we can see, for the upside movement scenario there are many important levels to watch carefully.

In the event of the downward move, we will watch 1.2970 level and then the vicinity of 1.2920 level as the second target.
Comment:
Since posting the idea, the price retested once more 1.3020 level and, after all, chose the downward scenario, dropping to our support level at 1.2920. Then, it has bounced that level off.

At this moment it is testing an important 1.2970.

If the price pierces 1.2970, 1.3020 will be again on our radar.
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