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GBPUSD – Limited selling with a 261.8% fib

GBPUSD - Intraday - We look to Buy at 1.2465 (stop at 1.2430)

The selloff is close to an exhaustion count on the daily chart. Previous support located at 1.2476. Bullish divergence can be seen on the daily (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted bearish momentum, or at least a correction higher. The 261.8% Fibonacci extension is located at 1.2463 from 1.2784 to 1.2662. There is scope for mild selling at the open but losses should be limited. Bespoke resistance is located at 1.2610.

Our profit targets will be 1.2610 and 1.2750

Resistance: 1.2550 / 1.2610 / 1.2752
Support: 1.2463 / 1.2400 / 1.2373