GBP/USD is exhibiting strong bullish momentum, with the potential to move higher towards the 1st resistance at 1.2259, a historically significant level where price often faces resistance. Conversely, on the support side, the 1st support at 1.2173, identified as a multi-swing low support, and the 2nd support at 1.2118, aligned with the 78.60% Fibonacci Retracement, hold importance as potential areas for buying interest. In summary, the current trend in GBP/USD leans towards a bullish outlook, and traders will closely monitor these support and resistance levels for potential shifts in market sentiment or reversals.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/USD is exhibiting strong bullish momentum, with the potential to move higher towards the 1st resistance at 1.2259, a historically significant level where price often faces resistance. Conversely, on the support side, the 1st support at 1.2173, identified as a multi-swing low support, and the 2nd support at 1.2118, aligned with the 78.60% Fibonacci Retracement, hold importance as potential areas for buying interest. In summary, the current trend in GBP/USD leans towards a bullish outlook, and traders will closely monitor these support and resistance levels for potential shifts in market sentiment or reversals.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: