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GBPUSD Retreats Bellow 1.24

GBPUSD Retreats Bellow 1.24 cable
GBPUSD Retreats Bellow 1.24

GBPUSD continues the correction for second day after cable rejected at the 100 day moving average around 1.25, giving up as of writing  0.22% at 1.2399 as traders closely watch the Brexit drama.

GBPUSD technical outlook is neutral as the pair looks trapped between the 50 and 100-day moving average. On the upside, immediate resistance now stands at 1.2431 today’s high while more offers will emerge at 1.2503 the 100-day moving average.  On the downside, immediate resistance for cable stands at 1.2391 today’s low and then at 1.2275 the 50-hour moving average. Intraday traders can enter a long position if the pair breaks above 1.2431 daily high, targeting the 100-day moving average, a stop order should be activated at 1.24. Short positions from here targeting 1.23 should place stop-loss orders at 1.2431 top. Traders must be very cautious with GBPUSD as the developments around Brexit will add to volatility.