GBP/USD had good two-way price swings on Tuesday amid the intraday USD volatility. Haresh Menghani, an analyst at FXStreet, takes a look at the cable technical picture.
Key quotes
“The overnight bounce points to persistent buying interest at lower levels and thus warrant some caution before positioning aggressively for any further near-term depreciating move.”
“The 1.2300 round-figure mark (50% Fibo.) now seems to protect the immediate downside, which if broken might accelerate the slide back towards the overnight swing low, around the 1.2245-40 region.”
“Momentum back above the 1.2420 region might continue to confront some fresh supply ahead of the key 1.2500 psychological mark.”
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