Sterling finished the European session on a high note against the US dollar on Monday, despite UK PM Boris Johnson announcing new restrictions in order to help curb the surge in coronavirus cases.
Technically, the H4 timeframe tested an interesting area of resistance between 1.31/1.3064 , composed of the 1.31 handle, resistance from 1.3064, August’s opening value at 1.3078 and channel resistance, drawn from the high 1.2929.In terms of resistance, price has room to advance as far north as the 2020 yearly opening value at 1.3250. What’s more, the daily timeframe is seen making headway north of resistance at 1.3017, with eyes on resistance at 1.3200.Clearance of 1.31 on the H4, as a result of the above, might have breakout buyers make an appearance, targeting the 1.32 handle, which also represents daily resistance.
Suggestion: BUY GBPUSD AT CMP 1.3045 ADD TILL 3030 FOR TGT 1.3095/3130 SL BELOW 1.2970
ELSE
SELL BELOW 1.2970 TGT 1.2940/2920 SL 1.3030
Technically, the H4 timeframe tested an interesting area of resistance between 1.31/1.3064 , composed of the 1.31 handle, resistance from 1.3064, August’s opening value at 1.3078 and channel resistance, drawn from the high 1.2929.In terms of resistance, price has room to advance as far north as the 2020 yearly opening value at 1.3250. What’s more, the daily timeframe is seen making headway north of resistance at 1.3017, with eyes on resistance at 1.3200.Clearance of 1.31 on the H4, as a result of the above, might have breakout buyers make an appearance, targeting the 1.32 handle, which also represents daily resistance.
Suggestion: BUY GBPUSD AT CMP 1.3045 ADD TILL 3030 FOR TGT 1.3095/3130 SL BELOW 1.2970
ELSE
SELL BELOW 1.2970 TGT 1.2940/2920 SL 1.3030