Technical Analysis for GBP
The pair dropped yesterday and is trading below 1.5690 levels and it’s possible to extend, as we are in front of many technical signals such as negativity on Stochastic and the negative bias on Linear Regression Indicators. The pair might face 1.5630 support, but trading below 1.5690 levels might extend bearishness towards 1.5525 levels.
The trading range for today is among key support at 1.5500 and key resistance at 1.5880.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remains intact.
Support: 1.5630, 1.5600, 1.5580, 1.5525, 1.5500
Resistance: 1.5690, 1.5710, 1.5765, 1.5800, 1.5825
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.5690 targeting 1.5580, 1.5525 then 1.5500 and stop-loss with four-hour closing below 1.5765 might be appropriate