GBPUSD Targets Confluence of Support at 1.3020

If you’re still on the sideline, the best approach might be to wait for a daily close (5 pm EST) below the confluence of support at 1.3020. Such a close would expose the August low at 1.2770. A break below that would target the June lows near 1.2615.

The longer-term target for an ascending channel is usually the pattern’s low. In the case of the GBPUSD , that would be the March low just above 1.2100. However, keep in mind that a move of that magnitude would take several weeks if not months to play out.

But sellers first need to secure a daily close below the 1.3020 area. Without that, the pound sterling will likely remain range bound between 1.3020 support and 1.3250 resistance.

Source: http://bit.ly/2yccSfF
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