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Technical Major CurrenciesGBP/USD
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Midday Report
Affected by the morning hinted bearish candlestick structure we have witnessed a bearish wave during the previous session. But, bears’ attempts to clear initial support of 1.5660 -38.2% Fibonacci– have been limited as a mild rebound started from there. Anyway, we see chances for a new technical try to achieve a decisive breakout below the aforesaid level supported by the cover from moving averages and the weak upside momentum appearing on Stochastic.
The trading range for today is among key support at 1.5510 and key resistance at 1.5845.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5680 | 1.2630 | 1.5585 | 1.5555 | 1.5510 |
| Resistance | 1.5730 | 1.5780 | 1.5820 | 1.5850 | 1.5820 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair below 1.5750 targeting 1.5620 and 1.5475. Stop loss above 1.5845 | ||||
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