Technical Analysis for GBP
The pair stabilized in the middle of the ascending channel showing on the graph and above Linear Regression Indicator 34 around 1.6110 levels. Stability above the referred to level favors extending the upside move as long as the pair consolidated above Linear Regression Indicator 55 residing at 1.6215 levels. Anyhow, positivity is expected this week and stabilizing above 1.6110 levels support these expectations.
The trading range for this week is among the key support at 1.5940 and key resistance at 1.6485.
The general trend over short term basis is to the upside as far as areas of 1.5280 remains intact targeting 1.6540.
Support: 1.6165, 1.6110, 1.6055, 1.6030, 1.5940
Resistance: 1.6225, 1.6250, 1.6310, 1.6340, 1.6400
Recommendation Based on the above, buy the pair above 1.6160 targeting 1.6225, 1.6310 then 1.6400 and stop-loss at four-hour closing below 1.6080 If the stop-loss was triggered, sell the pair below 1.6080 targeting 1.6030, 1.5980 then 1.5940 and stop-loss at four-hour closing above 1.6170