Good morning Traders!
GBPUSD
The market is in an uptrend on the Daily and the Weekly timeframes, and it is currently pulling back and has met with it’s Moving Averages on the Daily timeframe.
Drawing the Fibonacci retracement of the latest Daily move, has the 50% retracement clustering nicely with the previous Weekly Swing High and a level of Support and Resistance around the 1.2670.
I am looking for signs that the pullback is over and buyers are ready to take charge once again, in the form of a reversal setup.
The next strong Resistance level may be around the 1.30 round number.
Happy Trading!
