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GBP/USD – Watch out for a rebound from 5-DMA

OANDA:GBPUSD   British Pound/U.S. Dollar
Resistance
1.25
1.2558 (Friday’s high)
1.26

Support
1.2389 (5-DMA)
1.2332 ( Oct             19 high)
1.2298 (10-DM)

Comments – Pair’s failure to hold gains above 1.25 followed by a rejection at the same level in the Asian session and a retreat to 1.2420 suggests the pair could extend losses to 5-DMA level of 1.2389, however, a rebound from the 5-DMA appears likely given the bullish break seen last week. A rebound from 5-DMA followed by a break above 1.25 could yield a rally to 1.26-1.2630 levels.
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