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GBPUSD Bounces From Key Support

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On Sunday I wrote about how the 1.2850 level on GBPUSD could attract buyers.

Notice how this area served as support during the second half of January. The 1.2850 area also caused last Thursday’s bounce.

Yesterday’s session tested the level once more, but so far GBPUSD bulls are holding firm.

However, remember that key resistance isn’t far above the current price.

GBPUSD failed to hold above channel resistance following the bullish breakout on the 25th of January.

That means the 1.3000 area is once again resistance.

I want to reiterate too that the market as a whole has been incredibly choppy and indecisive so far in 2019.

As such, you’ll want to be extra cautious about the trades you take. If you have to think twice about risking capital, you may want to stay on the sideline.

In the case of GBPUSD, it may be best to wait to see what happens near the 1.3000 handle. Attempting to go long while below it is too risky for me.

On the flip side, a daily close below 1.2850 would expose the next key support at 1.2700.

Keep in mind that as long as 1.2850 support is intact, the GBPUSD has the potential to bounce back to 1.3000.

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GBPUSD key support and resistance areas

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10 comments
Praise says

Well noted sir. Thanks very much.

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Oluwatoyin says

You’re a life saver, following your texts really helps me. Thanks.

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Sumantra kumar halder says

Yes excellent. Well said .Thank you very much

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James Gershoh says

Thanks very much sir

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Daniel Sumomba says

I tend to think that downside will continue to 1.2700, due to momentum stll go down. Fibo 61.8 re-tracement will be good target

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Austen says

Great job

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Esi says

thank you

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Lebogang says

Thanx God I meet you and your blog…you soo made me a better thinker approaching and seeing the chart…

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Ali says

Justin I pray u live long and always happy I like u a lot

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    Justin Bennett says

    Thanks for that. Cheers.

    Reply
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