My previous GBP/USD signal on 17th January was not triggered, as none of the key levels were reached that day.
that a long trade from any bullish bounce which we might see at $1.2100 would probably be the best setup that might happen that day. This was a good call as although that level was not reached, I was right to look to the long direction as the price rose strongly over the day.The Pound has recently begun to rise just as strongly as the Euro, sending this currency pair to briefly touch a new long-term high yesterday a little way above the resistance level at $1.2437.
I think that the momentum, although weak, will remain with the bulls, but that the bulls will be unable to push the price much higher than $1.2437 today. I would not take any short trade today except from a second strong bearish rejection of $1.2437, which would complete a firm double top chart pattern, which would be a bearish sign.
Concerning the GBP, there will be a release of Flash Services and Manufacturing PMI data at 9:30am London time. Regarding the USD, there will be a release of Flash Services PMI data at 2:45pm.
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