GBPUSD Trading fluctuation in Forex market
2/23/2018 5:17:49 AM
The GBPUSD pair rapidly reversed an early European session dip to session low level of 1.3926 and flowed nearly 60-pips in the last hour, although rapidly recoiled few pips afterward.
The bullish move, though, already appears to have run out of steam ahead of the key 1.4007 psychological mark and the pair rapidly recoiled around 20-30 pips to now trade around the 1.3955-65 area.
A follow over retracement back below 1.3953-45 area might now turn the pair at risk to slip more towards 1.3917 horizontal support on the way 1.3903 handle. On the positive aspect, any up-move might keep on to provoke some new supply near the 1.4003-1.4015 area, which if cleared might cause a short-covering rally towards 1.4077-83 zone.
FOREX market analysis by FxErvin.