GBPSD: Maintains Recovery Tone…
As long as 1.2910/1.2970 support holds on a daily closing basis. The GBPUSD remains in a recovery mode and further upside couldn’t be ruled out to 1.3090 level where rejection is very likely. Above 1.3090 sees a bullish move to 1.3150/1.3210 levels.
On the downside, immediate support comes at the 1.2970 level. Below 1.2970 should weaken the recovery mode and open the way to 1.2910 where a rebound is expected. However; A cut through 1.2910 will terminate the recovery mode and restore the downside momentum, paving the way to 1.2840 levels…
In conclusion: The GBPUSD sees recovery threats above 1.2910/1.2970 levels with risk to 1.3090 level.
Support: 1.2970, 1.2910, 1.2840, 1.2790
Resistance: 1.3090, 1.3150, 1.3210, 1.3275
- U.S Retail Sales data (Jan) at 13:30 GMT.