Gbp upside rally continues slow but firm, and the pair is right now a bit exhausted to the upside. Quoting around 1.4130, you can see the pair fighting the 50% of this week max/min Fibonacci retracement and loosing steam, as indicators begin to turn to flat. From actual price, above 1.4186 we could see the pair back to 1.4240, and above there, approaching to 1.4310 first and finally 1.4368, 61.8% of the Fibo. First support will be at 1.4120 and under there, we have the 1.4040/60 zone, that probe to be tough to the upside. A clear break under should deny any bullish continuation and send the pair back to 1.3980 zone first, and then to 1.3920
i call the zone 1.4060 as a kel level, to the upside, as if you turn to daily charts, you will see not only a 38.2% Fibo level there, but also, a good number of daily maximums and minimums: that’s make this level a good resistance/support zone, and as tough it is, as longer be the rally once is broken.
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