FX.co ★ GBP/USD: upside reversal from above 1.2075

GBP/USD 1.2003 As Downside Obstacle!

The GBP/USD pair dropped after reaching 1.2075 failing to stabilize above the downtrend line. Technically, the downtrend line represents an upside obstacle. Now, it was almost to reach the 1.2003 former low which stands as a downside obstacle.

On the other hand, the 1.2075 former high represents an upside obstacle. Breaking through the immediate obstacles may announce a strong move in one direction and could bring us new trading opportunities.

GBP/USD Trading Conclusion!

An upside reversal could be confirmed and activated if the rate jumps and stabilizes above the 1.2075 level. This scenario brings new buying opportunities from above that level as well.