GBPUSD - 240 - Will it hold or will it not?
Trade Alert
GBPUSD is very close to its key support at around 1.2920, which if broken, could set the stage for a further decline lower. Certainly, the momentum is to the downside, but stay sharp near that support.
If that support line continues to hold throughout today, then we could potentially see a small bounce back up. But for us to get comfortable with the upside long-term, we would need to see, not only a move back above the upside support line, but also above the 1.3075 zone, marked near the highs of the 22nd of October.
For now, stay put and keep your eyes on the price action.
Don't forget your SL.
GBPUSD is very close to its key support at around 1.2920, which if broken, could set the stage for a further decline lower. Certainly, the momentum is to the downside, but stay sharp near that support.
If that support line continues to hold throughout today, then we could potentially see a small bounce back up. But for us to get comfortable with the upside long-term, we would need to see, not only a move back above the upside support line, but also above the 1.3075 zone, marked near the highs of the 22nd of October.
For now, stay put and keep your eyes on the price action.
Don't forget your SL.