Sterling Falters at Confluent Resistance
GBP/USD seems to have exhausted into a major pivot zone we've been tracking since last year at 1.2773-1.2816- a region defined by the February 2019 low and the July reversal close.
The April rally is vulnerable while below this threshold.
Weekly support rests with the yearly low-week close (LWC) at 1.2493 with key support steady at 1.2364.
A topside breach / close above the 52-week moving average (currently ~1.2859) is ultimately needed to suggest a larger breakout is underway / a more significant low was registered last month.
Stay nimble into the monthly crossover and watch the weekly closes here.
Michael Boutros
@MBForex
The April rally is vulnerable while below this threshold.
Weekly support rests with the yearly low-week close (LWC) at 1.2493 with key support steady at 1.2364.
A topside breach / close above the 52-week moving average (currently ~1.2859) is ultimately needed to suggest a larger breakout is underway / a more significant low was registered last month.
Stay nimble into the monthly crossover and watch the weekly closes here.
Michael Boutros
@MBForex