GBPUSD - Retest of the breakout level
GBPUSD - Intraday - We look to Buy at 1.2167 (stop at 1.2132)
The 261.8% Fibonacci extension is located at 1.2033 from 1.3389 to 1.2871. Broken out of the Head and Shoulders formation to the upside. The formation has a measured move target of 1.2333. The selloff is close to an exhaustion count on the weekly chart. There is scope for mild selling at the open but losses should be limited. Bespoke support is located at 1.2167. Reverse trend line support comes in at 1.2165.
Our profit targets will be 1.2330 and 1.2410
Resistance: 1.2270 / 1.2333 / 1.2411
Support: 1.2167 / 1.2100 / 1.2000
The 261.8% Fibonacci extension is located at 1.2033 from 1.3389 to 1.2871. Broken out of the Head and Shoulders formation to the upside. The formation has a measured move target of 1.2333. The selloff is close to an exhaustion count on the weekly chart. There is scope for mild selling at the open but losses should be limited. Bespoke support is located at 1.2167. Reverse trend line support comes in at 1.2165.
Our profit targets will be 1.2330 and 1.2410
Resistance: 1.2270 / 1.2333 / 1.2411
Support: 1.2167 / 1.2100 / 1.2000
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