bounced around 1.48009, after a sharp bearish
week. It has currently done a CUP, as a part of the well known " cup and a handle" formation. It is a great coincidence since the formation's neckline is around 1.49546, which is a critical level, should a handle be formed. Breaking out 1.49546, will trigger a throwback. It will lead to a rally of at least 737 pips. It will send the GbpUsd
towards 1.50435, with 1.50002 as a primary objective. Breaking out 1.48621 will reject the Cup&Handle formation, as it will be rendered obsolete, and will send the cable back to 1.48.
The daily Pivot Point
is around 1.49091. The daily support levels are around 1.48730 and 1.48222. The daily resistance levels are around 1.49599 and 1.49960.