Daily Technical Outlook: GBPUSD (Feb 9)

GBPUSD closed yesterday’s candle slightly higher. The price downside attempt earlier failed to hold below 1.2430-1.2420 support area and the 50-days simple moving average. The pair formed a bullish hammer candle at this key support and that hints we could see a more upside for the pair in coming days. It is also important to mention that the latest downside attempt could be a mere retest of the previously broken falling trend line as shown on chart.

Short term scenarios:
Bullish scenario was confirmed, targeting 1.2600 and 1.2700. As long as above 1.2350.

Short term key support and resistance
1.2475 1.2420/30 1.2350
1.2545 1.2600 1.2670