Technical Analysis for GBP

Technical Analysis for GBP

The pair fell sharply and is trading now below 1.5525 levels which is negative and might push the pair to extend the downside move towards 1.5340 levels during the next period. Linear Regression Indicators are negative; despite the overbought signals shown Stochastic, we can’t find any positive signals on the indicator. Negativity requires stability below 1.5690 levels, but as for today stability below 1.5580 levels is significant to support these expectations.

The trading range for today is among key support at 1.5340 and key resistance at 1.5610.

The general trend over short term basis is to the downside targeting 1.6875 as far as areas of 1.4225 remains intact.

Support: 1.5500, 1.5455, 1.5415, 1.5380, 1.5365
Resistance: 1.5525, 1.5580, 1.5610, 1.5630, 1.5690

Recommendation: Based on the charts and explanations above, our opinion is selling the pair below 1.5525 targeting 1.5455, 1.5415 then 1.5340 and stop-loss with four-hour closing above 1.5610 might be appropriate