$GBPUSD Forex Signal: Bulls Threatening Breakout Above $1.2150
that bearish pressure was increasing, including a new lower resistance level at $1.2071. I thought that if $ 1.2071 was hit first, and produced a solid bearish reversal, this could be a good short-term short-trade entry, targeting $1.2000.Although the US Dollar has been relatively strong on the risk-off sentiment which is currently gripping the market, the British Pound held up well yesterday and we saw an up day in this pair.
We see the price caught between two close support levels which begin at $1.2071, and what looks likely to be a pivotal point at the resistance at $1.2148.from this price range before trading, as the range is quite narrow and very well-defined.Alternatively, if the price gets established below $1.2058 later, it will be quite likely to continue falling by enough to retest the big round number at $1.2000.
Yet, this would likely be more difficult to trade on the short side, as the real room to rise is above $1.2171. So, a bullish breakout will likely be a better opportunity if it sets up. There is nothing of high importance scheduled today concerning the GBP. Regarding the USD, there will be a release of the FOMC meeting minutes at 7pm London time.
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