Technical Analysis for GBP
The pair managed to stable above key resistance level of the downside move that looks like the expanded Wedge Pattern keeping the positivity of Linear Regression Indicator 34. Stochastic is showing overbought signals, but we think that trading above 1.4990 levels keeps the possibility of positivity valid today.
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: 1.5100, 1.5080, 1.5035, 1.4990, 1.4965
Resistance: 1.5130, 1.5190, 1.5225, 1.5250, 1.5280
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.5080 targeting 1.5130, 1.5190 then 1.5250 and stop-loss with four-hour closing below 1.4990 might be appropriate