Sterling Completes A-B-C Correction

Sterling price action versus the greenback has rebounded 1.4% after dropping sharply 2.2% form its 26-year high of 2.0654. Placing Fibonacci retracement levels at the 100% 1.062 and 0.0% of 2.067; trading has ranged since between the 23.6% Fib and 38.2% of 1.9621 - 2.0651 as prevailing sentiment struggles to confirm directionality.

[I][U]Technical:[/U][/I] [B]GBP/USD[/B]
[B]Resistance: 2.0430
Support: 2.0200[/B]
Technically centered traders utilize stochastic analytics to decipher trade signals in choppy market conditions. The below stochastic levels show a break in the %D (slow) line from above by the %K line indicating a possible short-term move lower for the pair.