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Technical Major CurrenciesGBP/USD
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The pair continued moving to the downside approaching the initial support level of 1.5510 where 23.6% Fibonacci level exists as seen on the provided daily chart. We have changed our suggested entry point to be closer since the bearish momentum remains very strong. Ultimately, a break below 1.5510 will accelerate the decline.
The trading range for today is among key support at 1.5360 and key resistance at 1.5700.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.5510 | 1.5460 | 1.5420 | 1.5400 | 1.5360 |
| Resistance | 1.5580 | 1.5630 | 1.5680 | 1.5700 | 1.5730 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5600 targeting 1.5400 and stop loss above 1.5730 might be appropriate. | ||||
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