GBPUSD Hitting a Major Resistance at 1.2480
The Pair has been moving in an ascending channel, with a sharp move up from lower support level at 1.2401 the price got hit at the upper Resistance level at 1.2480 which happens to be a major Resistance.
Bias SELL @ 1.2477 TP 1.2405
Pivot point: 1.2413
The pair is slightly bullish as it closed at the second resistnace level of 1.2426. If a bearish momentum returns, the pair may head lower to 1.2373 and then test the second support of 1.2319. Alternatively, if a bullish trend is formed the pair could rebound to 1.2468 level and head higher to 1.2508.
Resistance level 1: 1.2468 Resistance level 2: 1.2508 Resistance level 3: 1.2562
Support level 1: 1.2373 Support level 2: 1.2319 Support level 3: 1.2278
Bias SELL @ 1.2477 TP 1.2405
Pivot point: 1.2413
The pair is slightly bullish as it closed at the second resistnace level of 1.2426. If a bearish momentum returns, the pair may head lower to 1.2373 and then test the second support of 1.2319. Alternatively, if a bullish trend is formed the pair could rebound to 1.2468 level and head higher to 1.2508.
Resistance level 1: 1.2468 Resistance level 2: 1.2508 Resistance level 3: 1.2562
Support level 1: 1.2373 Support level 2: 1.2319 Support level 3: 1.2278