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GBP/USD rises above first rebound objective at 1.2710- can it extend further?
Owing to the weaker dollar this morning, the GBP/USD has now met and surpassed the first noted technical rebound objective, at 1.2710. This level has been highlighted here all week and so as you can see, the Pound has now met it. The question from now; can the Pound make further progress and push towards the next, more important level of this type, at 1.2849 (38.2% of the 1.3434-1.2487 fall). That remains to be seen and besides there is another level of real note ahead of that. At 1.2820 we have the 200 day moving average in place. This has not changed its price point all week and if you look at a chart of the GBP/USD you will be able to see that it is travelling sideways. The Pond has held below this level since first busting below it on November 12. The range seen so far today has been covered by 1.2682 to 1.2745. The GBP/USD is currently trading at 1.2740
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