Technical Analysis for GBP

Technical Analysis for GBP

The pair is trading above 50% correction at 1.5220 which represents an intraday interval today. We think that the overall downside move isn't over yet as some bullish correction is possible to retest levels around 1.5310. These expectations require stability above 1.5190 with four-hour closing.

The trading range for this week is among key support at 1.5100 and key resistance at 1.5385.

The general trend over short term basis is to the downside as far as areas of 1.5770 remains intact targeting 1.4355.

Support: 1.5220, 1.5190, 1.5175, 1.5115, 1.5100
Resistance: 1.5245, 1.5270, 1.5305, 1.5345, 1.5385

Recommendation Based on the charts and explanations above, our opinion is buying the pair around 1.5220 targeting 1.5270, 1.5310 then 1.5340 and stop-loss with four-hour closing below 1.5190. in case of stop loss, selling the pair below 1.5190 targeting 1.5115 and 1.5100 and stop loss with four-hour closing above 1.5220 might be appropriate