GBPUSD breaks lower. The price managed to exit the rising channel, approaching the 50-days simple moving average and the neckline of the previously completed inverse head and shoulders pattern both reside around 1.2420. 1.2420 is the key support level to watch over the short term.
Short term scenarios:
Bearish towards 1.2420, as long as below 1.2540.
Alternative Scenario:
In the case of a break below 1.2540, look for more intraday upside towards 1.2600.
Short term key support and resistance
1.2465 1.2420 1.2315
1.2515 1.2540 1.2600
Short term scenarios:
Bearish towards 1.2420, as long as below 1.2540.
Alternative Scenario:
In the case of a break below 1.2540, look for more intraday upside towards 1.2600.
Short term key support and resistance
1.2465 1.2420 1.2315
1.2515 1.2540 1.2600
