GBP/USD closed sharply higher on Friday and posted a new high close for the rally off May's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signalling that sideways to higher prices are possible near-term. If it resumes the rally off May's low, the 50% retracement level of the 2009-2010-decline crossing is the next upside target. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted.
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