Sterling Plunges Post-BoE- Support in View
GBP/USD plunged nearly 1% today with the post-BoE plunge taking the pound back into yearly open support at 1.2731- looking for a reaction here.
A weekly close below this threshold would threaten a test of the July open / 200DMA near 1.2640 and the 61.8% retracement at 1.2584- look for a larger reaction there IF reached.
INtiial resistance now back at 1.2273-1.2816 with near-term bearish invalidation now set to this week's high.
US Non-Farm Payrolls on tap tomorrow- watch the weekly close here.
Michael Boutros
Sr. Technical Strategist
MBForex
A weekly close below this threshold would threaten a test of the July open / 200DMA near 1.2640 and the 61.8% retracement at 1.2584- look for a larger reaction there IF reached.
INtiial resistance now back at 1.2273-1.2816 with near-term bearish invalidation now set to this week's high.
US Non-Farm Payrolls on tap tomorrow- watch the weekly close here.
Michael Boutros
Sr. Technical Strategist
MBForex
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