GBPUSD: Strong Bulls After Bounces off Key Support, Targets Higher Levels
GBPUSD: Strong Bulls After Bounces off Key Support, Targets Higher Levels
The GBPUSD surged Friday to a fresh four weeks high at 1.3176 after strong rejection below 1.3000 key support following a mixed result of key data releases from the US. A close back above the daily EMA 200 also support the bullish view. The bias is bullish in near term targeting 1.3210 region.
Immediate support resides around 1.3100. A clear break below that area would neutralize the near term bullish bias testing 1.3050 support area but as long as stay above 1.3000 I remain bullish and any downside retracement should be seen as a good opportunity to buy the dips.
On the upside, a clear break and a daily close above 1.3210 would expose 1.3270 area which would open the path to further bullish pressures towards 1.3365 key resistance which is probably a good place for a short position.
Source: https://fxinstructor.com/blog/gbpusd-strong-bulls-after-bounces-off-key-support-targets-higher-levels
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