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GBPUSD Technical Analysis - Key levels in play
On the daily chart, we can see that the GBPUSD pair pulled back yesterday into the blue 8 moving average where it’s finding some resistance. From a risk management perspective, the sellers would have a much better risk to reward setup if the price pulled back all the way up to the 1.2398 resistance where we can find the confluence with the trendline, the 38.2% Fibonacci retracement level and the red 21 moving average. The buyers, on the other hand, will need the price to break above the trendline to turn the trend around. chart On the 4 hour chart, we can see that the latest leg lower diverged with the MACD which ... (full story)