Technical Analysis for GBP

Technical Analysis for GBP

The pair tends to the downside but remained limited above key resistance level of the downside move that occurred since breaking 1.5300 levels. The current bearish move might benefit the pair by getting rid of the negativity shown on momentum indicators, then move back to the upside benefiting from the attempt to achieve a positive crossover on Linear Regression Indicators. The possible positivity depends intraday on not breaking 1.4990 levels.

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: 1.5080, 1.5035, 1.4990, 1.4965, 1.4910
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 around 1.5080 targeting 1.5130, 1.5190 then 1.5250 and stop-loss with four-hour closing below 1.4990 might be appropriate