Technical Analysis for GBP
The pair moved to the upside yesterday and breached key resistance level of the descending channel as shown on the graph, it also managed to stable above 1.5080 levels failing the extension of the upside move. Meanwhile, Linear Regression Indicators are positive supporting the possibility of extending the bullish correction for a while as long as the pair stabilizes above 1.4990.
The trading range for today is among key support at 1.4910 and key resistance at 1.5250.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 remains intact.
Support: 1.5035, 1.4990, 1.4965, 1.4910, 1.4880
Resistance: 1.5100, 1.5130, 1.5190, 1.5225, 1.5250
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.5035 targeting 1.5080, 1.5100 then 1.5190 and stop-loss with four-hour closing below 1.4965 might be appropriate