GBPUSD extended the upside following the break above the short term falling trend line for the latest downside pullback (dotted black).
The short term uptrend continues to be intact and more upside remains favored within the context of the rising channel.
Over intraday basis, 1.2600 must hold for the bullish bias to remain favored.
Short term scenarios:
Bullish. Buying downside pullbacks, targeting 1.2670, 1.2730 and 1.2800. Risk limit below 1.2600.
Alternative Scenario:
In the case of a break below 1.2600, look for more intraday downside towards 1.2515.
Short term key support and resistance
1.2600 1.2540 1.2515
1.2675 1.2730 1.2800
The short term uptrend continues to be intact and more upside remains favored within the context of the rising channel.
Over intraday basis, 1.2600 must hold for the bullish bias to remain favored.
Short term scenarios:
Bullish. Buying downside pullbacks, targeting 1.2670, 1.2730 and 1.2800. Risk limit below 1.2600.
Alternative Scenario:
In the case of a break below 1.2600, look for more intraday downside towards 1.2515.
Short term key support and resistance
1.2600 1.2540 1.2515
1.2675 1.2730 1.2800