GBPUSD: Bears Target 1.2050
GBPUSD trades lower at 1.2082 after the pair breached the 1.21 mark. Yesterday the pair rejected at 1.2172 a level that has proved strong resistance and turn sharply lower. The pair last week got a boost from the UK Retail Sales which rose 0.2% m/m in July beating forecasts, suggesting that the British economy is in better shape than investors feared.
GBPUSD broke below the 100 and 200 hour moving averages and stopped at 1.2082 daily low. On the upside immediate resistance now stands at 1.2137 the daily high while more offers will emerge at 1.2172 zone. Intraday traders can enter a long position if the pair breaks above 1.21, targeting a break above 1.2137, a stop order should be activated at 1.2082 the daily low. Short positions targeting below 1.2182 should place stop loss orders at 1.2137. The recent correction from 1.2172 cancels the recent positive momentum for the pair and now only a move above 1.2137 can attract more bids.