GBP/UDS is looking for a new direction after the recent downfall. What’s next?
Here is their view, courtesy of eFXdata:
Citi discusses GBP/USD technical outlook and highlights the importance of the 1.2439 as a key pivotal level.
“It is the 76.4% pullback of the 2016-2018 rally and held decisively in December 2018 (low was 1.2441).
On the one hand a continued hold could effectively create a double bottom off his pivotal area and open up the way for renewed topside gains,” Citi notes.
“However a break below (weekly close) would negate this potential and suggest further losses back towards the 20176 lows at 1.1840 are likely,” Citi adds.
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