GBPUSD BOUNCING ON THE SUPPORT READY TO BREAKOUT - ANALYSIS
USD is under pressure as its demand as safe heaven decreases along with fear of negative interest rate. Early brexit and reopening hopes keep GBP interesting for traders. GBP is trading above key support level at 1.2200, if it breaks the strong resistance at 1.2350 bull will try to push it all the way to 1.2450. Follow our strategy with proper support and resistance levels.
GBP/USD met significant resistance at 1.2350 and fell back towards 1.2200 before rebounding above 1.2250. This significant volatility was caused by worries about Brexit. Currently, GBP/USD is trying to settle above the support level at 1.2250. In case this attempt is successful, GBP/USD will have good chances to test the nearest major resistance near the 50 EMA at 1.2350. If the test of the next resistance level is successful, GBP/USD will gain additional upside momentum and head towards the next resistance level at 1.2450. Such a move will signal that GBP/USD has firmly returned back into the previous trading range between 1.2250 and 1.2650.
GBP/USD met significant resistance at 1.2350 and fell back towards 1.2200 before rebounding above 1.2250. This significant volatility was caused by worries about Brexit. Currently, GBP/USD is trying to settle above the support level at 1.2250. In case this attempt is successful, GBP/USD will have good chances to test the nearest major resistance near the 50 EMA at 1.2350. If the test of the next resistance level is successful, GBP/USD will gain additional upside momentum and head towards the next resistance level at 1.2450. Such a move will signal that GBP/USD has firmly returned back into the previous trading range between 1.2250 and 1.2650.