GBP/USD Update
GBP/USD intraday: intraday support around 1.624
Pivot: 1.6240.
Our preference: LONG positions @ 1.625 with 1.628 & 1.63 as next targets.
Alternative scenario: The downside penetration of 1.624 will call for 1.621 & 1.619.
Comment: the pair stands above its support and remains on the upside.
Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
The pair, after a strong rally up, seems to have run out of steam. In addition to the reversal candlestick pattern, the Stochastic is also pointing down and moving out of the overbought territory. If this continues, we may see the pair pullback to the Fibonacci retracement levels of the advance from 1.6000 to 1.6305
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