Sterling Falters at Confluent Resistance
GBP/USD seems to have exhausted into a major pivot zone we've been tracking since last year at 1.2773-1.2816- a region defined by the February 2019 low and the July reversal close.
The April rally is vulnerable while below this threshold.
Weekly support rests with the yearly low-week close (LWC) at 1.2493 with key support steady at 1.2364.
A topside breach / close above the 52-week moving average (currently ~1.2859) is ultimately needed to suggest a larger breakout is underway / a more significant low was registered last month.
Stay nimble into the monthly crossover and watch the weekly closes here.
Michael Boutros
MBForex
The April rally is vulnerable while below this threshold.
Weekly support rests with the yearly low-week close (LWC) at 1.2493 with key support steady at 1.2364.
A topside breach / close above the 52-week moving average (currently ~1.2859) is ultimately needed to suggest a larger breakout is underway / a more significant low was registered last month.
Stay nimble into the monthly crossover and watch the weekly closes here.
Michael Boutros
MBForex
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