GBPUSD:Look to sell the Counter Rally in GBP before next decline
GBPUSD
Sterling has spent all of August in free-fall.
After breaking below the support line at 1.3029 it's finished the week right on the next line of support at 1.2766 after a low on Friday at 1.2723 .
It should counter-rally some more from here, potentially as high as 1.2928-1.2957 at best before it comes off again back to current levels at least.
On the downside any failure on Monday to hold up from 1.2766 and from 1.2720 at the lowest will trigger further near term weakness back to 1.2596.
Worth a short if we see it happen with stops above 1.2770.
Otherwise can look to short again from 1.2928-1.2957 range, as above.
* For fastest real-time updates please see link to Global Markets at top left of main page.
Sterling has spent all of August in free-fall.
After breaking below the support line at 1.3029 it's finished the week right on the next line of support at 1.2766 after a low on Friday at 1.2723 .
It should counter-rally some more from here, potentially as high as 1.2928-1.2957 at best before it comes off again back to current levels at least.
On the downside any failure on Monday to hold up from 1.2766 and from 1.2720 at the lowest will trigger further near term weakness back to 1.2596.
Worth a short if we see it happen with stops above 1.2770.
Otherwise can look to short again from 1.2928-1.2957 range, as above.
* For fastest real-time updates please see link to Global Markets at top left of main page.