GBPUSD September 22nd – Slowing Momentum

GBPUSD jumped on Friday over 300 points from the 1.8000 support zone up to the 1.8400 level, the move came after we saw a good decline in the morning and came as a bit of a surprise for us. The pair is now consolidating just under the 1.8400 high and so far it hasn’t showed any increasing bulluish momentum, on the contrary, a retracement from current levels would give bulls a nice re-entry opportunity. Conversely the next major resistance is the 1.8500 zone where we have the 38.2 % Fibonacci line of the 2.0160/1.7440 down move and we also have a long term moving average providing resistance.

GBPUSD jumped on Friday over 300 points from the 1.8000 support zone up to the 1.8400 level, the move came after we saw a good decline in the morning and came as a bit of a surprise for us. The pair is now consolidating just under the 1.8400 high and so far it hasn’t showed any increasing bulluish momentum, on the contrary, a retracement from current levels would give bulls a nice re-entry opportunity. Conversely the next major resistance is the 1.8500 zone where we have the 38.2 % Fibonacci line of the 2.0160/1.7440 down move and we also have a long term moving average providing resistance.

 

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