GBP/USD had a mild pullback earlier in the morning until the 1.3593 level came in to help set the lows. I had looked at that price in yesterday's post and that's held the lows for today ahead of another strong breakout with the pair pressing into fresh three-year highs.
Chasing breakouts can be tough especially when they've already started, so at this point there's a couple of spots of support that bulls can defend to keep the door open for shorter-term trend continuation purposes.
The price of 1.3639 is an aggressive level of support potential, and below that is 1.3616. If bulls fail to hold support at those prices, the bullish momentum that's driving the current breakout would come into question and the door would open to deeper retracement potential. In that scenario, there may be more attractive options to work with USD-strength. - js
Chasing breakouts can be tough especially when they've already started, so at this point there's a couple of spots of support that bulls can defend to keep the door open for shorter-term trend continuation purposes.
The price of 1.3639 is an aggressive level of support potential, and below that is 1.3616. If bulls fail to hold support at those prices, the bullish momentum that's driving the current breakout would come into question and the door would open to deeper retracement potential. In that scenario, there may be more attractive options to work with USD-strength. - js
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.