Technical Analysis for GBP
The pair traded in volatility yesterday but remained limited below 1.4990 levels and below key resistance level of the descending channel as shown on the graph. The previously mentioned forces us to hold on to our negative expectations; especially that RSI is stable below line 50. Linear Regression Indicators are showing some positivity that requires breaking 1.4880 levels to further support the bearish move.
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, 1.4880, 1.4850, 1.4825, 1.4810
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 1.4965 targeting 1.4910, 1.4850 then 1.4765 and stop-loss with four-hour closing above 1.5080 might be appropriate