GBPUSD breaks decrease however stalls at a key assist flooring Will the downtrend proceed?

For many who have seen my each day posts/movies on the GBPUSD (any of them), the pair has been buying and selling in an up-and-down buying and selling vary going again to December 14. That vary is between 1.2600 and 1.2800.

At this time, the worth moved sharply decrease after the stronger US jobs report, and the worth transfer to a decrease swing space between 1.2602 to 1.26137. The low worth right this moment reached 1.26147 – simply above the excessive of that swing space – and has bounced. The bounce has taken the worth as much as round 1.2640.

What subsequent?

There’s some resistance at 1.2647 space. If that stage holds, then we must always see a transfer again all the way down to retest the low excessive goal.

If it strikes beneath 1.2602, the subsequent key goal is available in on the 200-day MA at 1.25607. The value of the GBPUSD has not traded beneath the 200 day MA since November. On a check, I might count on patrons to lean on the primary look (with stops on a break beneath).

If the worth does transfer above 1.2647, there may very well be some disappointment on the failure to get exterior of the vary. Bear in mind.