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May 05 - 02:55 AM

GBP/USD - Euro Looking For A Life Line As Sterling Rallies

By Peter Stoneham  —  May 05 - 01:55 AM
  • Sharp back to back daily losses into a modest Friday rebound

  • Our offer met at 0.8765 and we are looking for a drop to the low 0.86s

  • Speed and magnitude of the drop puts our trade at risk to corrective gains

  • Daily trend support off 0.8719 Mar. 15 low is at 0.8747

  • The 200DMA at 0.8731 and a 61.8% Fibo off 0.8548-0.8978 at 0.8712

  • Topside and Thurs 0.8814 the main resistance point.

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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