GBPUSD – Previous support becomes resistance

17 Tem 2019

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GBPUSD - Intraday - We look to Sell at 1.2506 (stop at 1.2546)

Previous support level of 1.2439 broken. Bullish divergence can be seen on the daily (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted bearish momentum, or at least a correction higher. Previous support located at 1.2373. Risk/Reward would be poor to call a sell from current levels. Bespoke resistance is located at 1.2500. Previous support, now becomes resistance at 1.2506.
Our profit targets will be 1.2373 and 1.2035

Resistance: 1.2506 / 1.2530 / 1.2715
Support: 1.2373 / 1.2200 / 1.2033