Emerging morning star formation signals bullish GBP

As technical levels become increasingly stretched above the psychologically significant 2.0000 level, cable traders may continue to take profits as more pre-set stops are triggered reaching 2.0200.

[I][U]Technical:[/U][/I] [B]GBP/USD
[/B]- [B]Resistance:[/B] 2.0200

  • [B]Support:[/B] 1.9700
  • Technical analysts point to the morning star candlestick formation as it is a forerunner of a bullish reversal
  • Analysis of Fibonacci retracement levels deem the 76.4% Fib level (1.9700) a strong long-term support zone
    See [I]Daily Technicals[/I] for more details