Technical Analysis for GBP

Technical Analysis for GBP

The pair moved to the upside yesterday and stabilized above 1.6670 again, meanwhile trading remained below 1.6740 keeping the pair within an intraday sideways range.

The upside move requires breaching 1.6740 and stabilizing above it to support the positive signal showing on Linear Regression Indicators and AROON. Negativity requires breaking 1.6670 and stabilizing below it to support the signal on MACD traditional. Therefore, we prefer to remain intraday neutral today waiting for new confirmation signals.

Support: 1.6700, 1.6770, 1.6625, 1.6600, 1.6580
Resistance: 1.6740, 1.6785, 1.6800, 1.6860, 1.6920

Recommendation Based on the above, we prefer to remain neutral waiting for confirmation signals For traders who can take high risks, sell the pair around 1.6650 targeting 1.6625 and 1.6600 then 1.6545 with stop-loss above 1.6740, or buy the pair above 1.6750 targeting 1.6775 and 1.6800 then 1.6860 with stop-loss below 1.6670.