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GBPUSD: Looking for a rebound

Hi there traders this is Steve Miley for forextraders.com and here we’re going to take a look at the Pound against the US dollar; the GBPUSD spot FX rate on a day trade, short term trading perspective.

Well this uptrend is very much intact. We have had a dip lower in here over the last 24 hours. Well we’ve got a small support area in here around 1.2900 to 1.2898 and whilst just holding above there at the moment we’re going to look for a rebound effort back up towards 1.2954, maybe 1.2985 back up to the recent peak here in the next 24 hours.

So we’re hanging onto a positive tone whilst above this 1.2900/1.2898 support area. Should we surrender that, then we’ll probably see correction down towards 1.2867, but then we’d look for that level to try to hold. Should that surrender though we’d look for 1.2835.

So support levels 1.2898, really 1.2867, certainly we’re looking for the lower one to hold, but we do see risks of a break at 1.2989 aiming for 1.2867.

But our underlying bias is still positive and we do look for a rebound up to these resistances of 1.2954 and 1.2985.

Critical going forward is going to be this 1.2013 peak in here posted back in latter October, and that’s going to be the key target on the upside going into the balance of the week.

This has been Steve Miley for forextraders.com.

Please do follow our YouTube channel and I’ll be back with you shortly.

Until then traders, have a great trading day.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.


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