GBP/USD: Any slide below 1.2200 is seen as a buying opportunity

The cable’s pullback found some support near the 50% Fibonacci level of the 1.3200-1.1412 steep fall, which should now act as a key pivotal point for intraday traders, Haresh Menghani from FXStreets briefs.

Key quotes  

“Below the support around the 1.2315-10 region, the pair is likely to accelerate the slide further towards testing the 1.2200 round-figure mark.”

“Any subsequent slide might still be seen as a buying opportunity and help limit the downside near 38.2% Fibo. level, around the 1.2100 round-figure mark.”

“Momentum back above the 1.2400 mark now seems to confront a stiff resistance near the 1.2455-60 region. A convincing breakthrough has the potential to lift the pair further beyond the key 1.2500 psychological mark and pave the way for a further near-term appreciating move.”