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- The Pound May Be on Its Way to a Recovery
The Pound May Be on Its Way to a Recovery
GBPUSD hit the target of 1.28, which is also a crossing with the 200 EMA on the daily timeframe. I don’t believe it is a critical resistance though. Downward correction may come to an end at 1.2650 when prices close all the nearest gaps that emerged in June. Then the recovery may bring the Cable further up. A pass through the level of 1.28 will push the Pound towards 1.31.
I see the end of June as a good opportunity to buy GBPUSD. The best option is to open a long position at the support area of 1.2650, but I will be also be looking to buy it above 1.28. I will place the stop loss order under 1.2650 if I see bottom shadows on H1-H4 timeframe candles.
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