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GBP/USD Defends Major Floor

The pound bounces higher thanks to upbeat services PMI in February. On the daily chart, the pair is still striving to hold above January’s low of 1.1840 which is a critical floor to keep the price afloat in the medium-term. A bearish breakout could trigger a sell-off towards 1.1600. The triple bottom at 1.1920 shows that the bulls are still eager to defend this major demand area and a pop above 1.2040 is an encouraging sign. A rally above the double top at 1.2140 would pave the way for a broader recovery.

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