GBPUSD - Intraday - We look to Sell at 1.2420 (stop at 1.2460)
Broken out of the Head and Shoulders formation to the downside. The formation has a measured move target of 1.2255. The 50% Fibonacci retracement is located at 1.2270 from 1.1958 to 1.2582. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. Reverse trend line resistance comes in at 1.2423. Bespoke resistance is located at 1.2420. Our profit targets will be 1.2270 and 1.2200