BUZ INVETORS GBPUSD Midday Glance The GBPUSD increased 0.0053 or 0.41% to 1.2773 on Tuesday June 27 from 1.2720 in the previous trading session. Historically, the British Pound reached an all time high of 2.86 in December of 1957 and a record low of 1.05 in February of 1985.
As cable has risen again after finding renewed buying interest at 1.2706, suggesting the erratic rise from 1.2589 low is still in progress and upside bias is seen for further gain to 1.2780-85 (50% Fibonacci retracement of 1.2978-1.2589), then towards resistance at 1.2818, however, break of latter level is needed to retain bullishness and extend the aforesaid rise to 1.2830 (approx. 61.8% Fibonacci retracement).
In view of this, would not chase this move here and would be prudent to buy cable on pullback as said support at 1.2706 should limit downside. Below 1.2680 would defer and suggest an intra-day top is formed instead, risk weakness to 1.2660 but support at 1.2640 should remain intact.
|1.28||1.27||2.86||1.05||1957 – 2017||Daily|
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