GBP/USD Update – 04/09/2017 (11:30am) – by Arjun Lakhanpal

September 4, 2017 by

GBP/USD Update – 04/09/2017 (11:30am): Last week GBP/USD recovered off the 1.2775/77 support area and we have seen a rebound into 1.30-1.31 zone as we suspected. The near term uptick is expected to terminate ahead of the 78.6% retracement at 1.3162, just ahead of here lies the 1.3126 July 18 high. The 1.2775/59 support zone consists of the December 2016, late April and late May lows. Below it sits the 50% retracement and 200 day moving average at 1.2688/69.