GBP/USD Price Analysis: Bulls eye a 38.2% Fibo in the 1.2120s GBPUSD Currencies Technical Analysis
GBP/USD is making tracks higher and bulls eye the 38.2% Fibonacci target of around the 1.2120s.
the price rallied in a continuation of the bullish correction into the Daily bearish impulse as outlined in the article. We are now in the throws of a bullish reversal of the New York session with targets for a second bullish close for the middle of the week's trade as the following will illustrate. bulls moved in on Tuesday and were setting the foundations for a bullish correction of the slide from the 1.23s at the start of February.
On Tuesday, looking for a bullish setup, the 1.2180s were eyed in a 50% mean reversion target. On the way there, a 38.2% retracement was located at 1.2129 which is still vulnerable for today and certainly for the remainder of the week:
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