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Technical Major CurrenciesGBP/USD
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The contradiction between trend and momentum indicators continued to appear on the daily chart preventing it from hitting the upper line of the descending channel. Hence, the sensitivity of the current trading levels forces us to hold onto our neutral stance for the rest of the day. A break below 1.5960 will bring the bearish picture back into focus.
The trading range for today is among key support at 1.5820 and key resistance at 1.6180.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remain intact.
| Support | 1.6000 | 1.5975 | 1.5960 | 1.5925 | 1.5880 |
| Resistance | 1.6050 | 1.6065 | 1.6075 | 1.6100 | 1.6125 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
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