The GBPUSD has been one of the holdouts concerning recent USD weakness, especially compared to its Euro counterpart.
The pair has been trapped in a 130 pip range since closing above 1.2860 on April 27th.
Friday’s price action changed that. With a 1.3036 close, the pair now has its sights set on the next resistance level at 1.3100.
However, there’s a good chance price will mean revert toward 1.2985/90 given the overextension as measured by the 10 and 20 EMAs.
From here traders can watch for buying opportunities on a rotation back to support at 1.2985/90.
Additional upside targets to be discussed if and when buyers manage a close above the 1.3100 handle.
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