GBP/USD: important support level

Cable has reached a critical support level. It has fallen back down to the upper boundary of the triangle out of which it broke several days ago. The 100-day MA is at the same level also offering support. There is strong chance it could bounce and a break above 1.5828 could rally higher to the monthly pivot at 1.5985. On the other hand a decisive break below 1.5740, perhaps, could give bears heart and see the pair fall back into the triangle to 1.5650 in time.

Written by Forex4you