Technical Analysis for GBP

Technical Analysis for GBP

The pair stabled with the beginning of this week's trading above key resistance level of the downside move that might be considered Broadening Pattern and might test 1.5190 levels towards around 1.5225 levels. Great volatility is valid and perhaps bearish corrections due to the pair's momentum as shown on Stochastic. Anyhow, trading above 1.4880 levels will be considered positive this week.

The trading range for this week is among key support at 1.4765 and key resistance at 1.5300.

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

Support: 1.5030, 1.4990, 1.4940, 1.4880, 1.4850
Resistance: 1.5130, 1.5190, 1.5225, 1.5300, 1.5385

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.4990 targeting 1.5080, 1.5190 then 1.5225 and stop-loss with four-hour closing below 1.4880 might be appropriate