Forex Investment and Currency Trading

GBP/USD – Focus shifts to resistance at 2.0314 after double bottom forms near 1.9724.

GBP/USD reached price target at 2.0150 today after the formation of a double bottom near 1.9724 halted a retracement phase. With 61.8% Fibonacci retracement of the February-March rally at 1.9757 also holding as valuations near oversold levels, support at 2.0015 and 1.9724 is expected to attract buying interest for a move to 2.0314. A daily close above this level would then target 2.0494.  2.0350 is establishing as the next price target.