GBP/USd reached both our yesterday's target and after that it started to rally. GBP has been trading upwards in past 8 hours but I found good resistance at the price of 1.2100. Seems like that the level of 1.2100 is critical for this currency pair. As long as the level of 1.200 is holding, I would watch for selling opportunities.
Green rectangle – Major short-term resistance (1.2100)
Yellow rectangle: - Support 1 (1.2070)
Yellow rectangle Support 2 (1.2038)
Red line – Resistance down slope line
GBP/USD is trading near the important resistance, it is very risky to watch for any buying at this stage. Stochastic oscillator is showing the overbought condition and fresh down cross, which is good confirmation for the downward movement. The overall short-term trend is bearish and you should focus on downward opportunities
Trading recommendation:
Watch for selling opportunities with the targets at 1.2070 and 1.2038.
