GBP/USD closed slightly higher on Friday due to short covering but remains below the 50% retracement level of 2009's rally crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish hinting that additional weakness is possible. If it extends the decline off January's high, the 62% retracement level of 2009's rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
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