GBP/USD closed higher due to short covering on Thursday but remains below broken support marked by the 38% retracement level of 2009's rally crossing. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it extends the decline off January's high, the 50% retracement level of 2009's rally crossing is the next downside target.
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