Technical Analysis for GBP

Technical Analysis for GBP

The pair's bullish attempt yesterday remained limited in areas around 1.5880, and it has returned back to trade around an important barrier in the current period represented by 1.5825 levels. The downtrend might extend as Linear Regression Indicators are negative, and the extension of the downside move of the Relative Strength Index supports this outlook. Breaking the bullish key support represents a catalyst for more bearishness, whereas breaching 1.5930 levels is what worries us over intraday basis.

The trading range for today is among key support at 1.5690 and key resistance at 1.6000.

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

Support: 1.5825, 1.5800, 1.5790, 1.5730, 1.5690
Resistance: 1.5880, 1.5910, 1.5975, 1.6000, 1.6020

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.5880 targeting 1.5825, 1.5730 then 1.5690 and stop-loss with four-hour closing above 1.5975 might be appropriate