BRITISH POUND/US DOLLAR
A bullish engulfing candle on the weekly chart from oversold levels underlines the importance of this chart level. It mirrors October’s rejection after dipping briefly below 1.200 and the pair might form a double bottom.
SHORT TERM TRADER: Small long at 1.2275; stop below 1.2250. Target 1.2550/1.2600.
POSITION TAKER: New long at 1.2450; stop below 1.2000. Target 1.2950.
| SUPPORT | RESISTANCE |
| 1.2380 | 1.2475 |
| 1.2295 | 1.2500 |
| 1.2250 | 1.2550 |
| 1.2200 | 1.2600 |
