GBPUSD Testing Final Support Level, Potential Reversal

The pair has been falling sharply against the USD since mid October amid risk aversion. Price eventually test the final support level of the bullish channel . Look closely to the recovery of risk assets like stocks & bonds for potential head for the British Pound due to similar risk appetite. On a final note, it is very important to follow up on news and new develops regarding Brexit negotiation.


GBPUSD Testing Final Support Level, Potential ReversalThe pair h by EmpowerTrader

Relevant Exhibits: 

Exhibit 1: IG Client GBPUSD Positioning 

Exhibit 2: IG Client GBPUSD Sentiment 

Trade Step-ups:

Bullish Reversal: Price rejects a breakout from final support level . Profit levels to look for are 1.2970 & 1.3130.

Bearish Breakout: Price breaks the bullish channel trend, look for consolidation below 1.2680.

 

 

 

 

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