Spot is pivoting around the 1.26 point still.
Short-term price action looks a little soft but the weekly pattern of trade is shaping
up a little more constructively for the GBP, with a solid rebound from the early week
low putting a potential bull “hammer” signal on the weekly chart (contingent on a
high close for the GBP today). Medium-term support at 1.2500/20 looks solid now.
Intraday support is 1.2575. Resistance is 1.2640.
Short-term price action looks a little soft but the weekly pattern of trade is shaping
up a little more constructively for the GBP, with a solid rebound from the early week
low putting a potential bull “hammer” signal on the weekly chart (contingent on a
high close for the GBP today). Medium-term support at 1.2500/20 looks solid now.
Intraday support is 1.2575. Resistance is 1.2640.
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