Sterling is Targeting Upper Channel Bound and Fibo Resistance
Getting long the GBP/USD last week after the pair’s failed test of trend line support and the 20-Day SMA proved profitable as it has rallied above the 200-Day SMA at 1.5549-where I took partial profits. There is potential trend line resistance at 1.5751 as it continues to trade within a rising channel. The 61.8% Fibo of 1.6886-1.4233 at 1.5862 is where we might find ultimate resistance. Therefore, I will remain long the pair but look for a reversal at those levels which would change my bias.
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