Technical Analysis and Outlook British Pound bounced to its highest level seen since Dec 31. The GBP/USD pair had marked an initial spike to the upside, which was capped by completing our Outer Currency Rally 1.2931.
Sterling is in a new setup having a current completed rally, following completion of Outer Currency Dip 1.2489 completion on Dec 11. On the downside, we have several critical support points: Mean Support 1.2714, second Mean Support 1.2593 and re-tested on Jan 3 Key Support 1.2860 along with Yearly Low 1.2456. On the upside current Mean Resistance 1.2876 and Key Resistance 1.2990. (For more Market Commentary please visit the TradingSig_dot_com).