The GBPUSD has tested some key support at the 1.2600 level today.

Although the GBPUSD went as low as 1.2580 today the fact that we are holding above the 1.2600 level tells us how important this level of support is for the end of the week. Specifically, this is a) the 88% Fibonacci retracement of the Nov 2018 lows to Mar 2019 highs, b) the 127% extension of the Feb 2019 lows to Mar 2019 highs and c) a long standing trend line from 2017 to present. The daily RSI is slightly divergent and oversold, but the GBPUSD really should close the week above 1.2600 to validate this important support.

GBPUSD at support

Blake Morrow