FOREX CALL: BUY GBPUSD ABOVE 1.2100 TARGET 1.2120/1.2140 STOPLOSS 1.2080
GBPUSD is forming ROUNDING BOTTOM PATTERN on daily chart and a bullish Relative Strength Index (RSI), currently at 65. GBP/USD traders mostly on the sidelines, as the focus shifts toward next week’s US Nonfarm Payrolls (NFP) release. Nothing seems to have changed technically for GBP/USD, as sellers continue to lurk above the 1.2150 region. Buyers await a sustained break above the bearish 200-Daily Moving Average (DMA) at 1.2185 should the previous day’s high at 1.2153 give way. The next relevant upside barrier is seen at 1.2200, the round number. The 14-day Relative Strength Index (RSI) has turned flat while above the midline, backing the range trade in the pair, at the moment. GBP/USD managed to stage a recovery toward 1.2100 in the American session on Friday and now looks to register gains for the third straight week.
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