The GBPUSD traded slightly below the 1.19600 ratio last Tuesday- Forex Trading
Having produced a rather robust low early last week, the GBP/USD turned higher and then experienced a reversal lower which may have tested the fortitude of many speculators
However, the strength of the USD may have been too strong. Certainly, there are no guarantees in speculation, but there is a notion that risks can be compared to potential rewards. The ability of the GBP/USD to show that the 1.20000 level appears to remain viable as support needs to be considered. Technically the ratio of 1.20000 GBP/USD may prove to be an important psychological level.
Having come within sight of the 1.21920 ratio on Thursday, the GBP/USD showed that bullish sentiment still exists for the currency pair and some upside potential additionally may be seen. However, if support levels near the current values of the currency pair remain durable this could ignite additional bullish speculative bets in the GBP/USD. If the 1.20375 holds Monday and remains an inflection point technically going into Tuesday’s important U.S. economic data, this may be an intriguing spot for the GBP/USD to react.Traders who want to look for the downside in the GBP/USD should use narrow take profits and not be overly ambitious regarding their selling wagers.
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