Technical Analysis for GBP
The pair rose yesterday and entered an upside correction benefiting from consolidating above key support level of the descending channel. Meanwhile, the pair is still stable below 1.4990 levels and below key resistance level of the descending channel. Stochastic is showing overbought signals; therefore the possibility of a downside move is intraday valid today unless levels 1.5080 were breached. We prefer to see the pair stable below 1.5035 levels to further support this outlook.
The trading range for today is among key support at 1.4765 and key resistance at 1.5080.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remains intact.
Support: 1.4910, 1.4850, 1.4825, 1.4810, 1.4765
Resistance: 1.4965, 1.4990, 1.5035, 1.5080, 1.5100
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.4990 targeting 1.4925, 1.4850 then 1.4765 and stop-loss with four-hour closing above 1.5080 might be appropriate