GBP/USD Fade Potential Off Key 1.30 Level
Cable has rallied in 10 of the last 12 days, taking the pair up to its highest level in nearly a full year. For this week, the key level to watch will be psychological resistance at 1.3000: If that level, which also represents the late July 2023 high, is convincingly broken, GBP/USD could make a run at its 2+ year high near 1.3150 next.
Meanwhile, given the pound’s 17-year high in net speculative long positioning and the overbought RSI, a profit-taking dip off this resistance level would be logical, especially if this week’s UK data disappoints. In that scenario, previous-resistance turned-support near 1.2900 will be the key level to watch.
-MW
Meanwhile, given the pound’s 17-year high in net speculative long positioning and the overbought RSI, a profit-taking dip off this resistance level would be logical, especially if this week’s UK data disappoints. In that scenario, previous-resistance turned-support near 1.2900 will be the key level to watch.
-MW
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