GBPUSD Targets Confluence of Support at 1.3020
If you’re still on the sideline, the best approach might be to wait for a daily close (5 pm EST) below the confluence of support at 1.3020. Such a close would expose the August low at 1.2770. A break below that would target the June lows near 1.2615.
The longer-term target for an ascending channel is usually the pattern’s low. In the case of the GBPUSD, that would be the March low just above 1.2100. However, keep in mind that a move of that magnitude would take several weeks if not months to play out.
But sellers first need to secure a daily close below the 1.3020 area. Without that, the pound sterling will likely remain range bound between 1.3020 support and 1.3250 resistance.
Source: bit.ly/2yccSfF
The longer-term target for an ascending channel is usually the pattern’s low. In the case of the GBPUSD, that would be the March low just above 1.2100. However, keep in mind that a move of that magnitude would take several weeks if not months to play out.
But sellers first need to secure a daily close below the 1.3020 area. Without that, the pound sterling will likely remain range bound between 1.3020 support and 1.3250 resistance.
Source: bit.ly/2yccSfF