GBPUSD Bulls Need To Close Above 1.2235

GBPUSD trading 0.65 percent higher at 1.2225 breaking above yesterday’s high as traders covering their short positions ahead of Fed decision. Dominic Raab yesterday said that UK must prepare for a no-deal Brexit. UK parliament is set to observe a vacation period starting until 3 September. So I don’t expect any notable Brexit developments during that period.

GBPUSD rebounds from yesterday’s low and as of writing managed to break above yesterday high; the short term momentum is negative for the pair, but if it manages to close today above 1.2225 then bulls have something to hope. Now that the pair has cleared the 50 hour moving average, on the upside immediate resistance stands at 1.2232 today’s high while more offers will emerge at 1.2298 the 100 hour moving average. Intraday traders can enter a long position if the pair breaks above 1.2232 targeting 1.2298 high for profit, a stop order should be activated at 1.22. Short positions targeting below 1.22 and at 1.2118 yesterday low should place stop loss orders at 1.2232.Don’t miss a beat! Follow us on Twitter.