Technical Analysis for GBP
The pair is showing a negative bias led by Linear Regression Indicators as shown on graph. Since the pair touched key resistance level of the upside move and failed to stable above 1.5590, the bearish move became valid and further correction is possible today to test levels between 1.5415 and 1.5400. RSI is trading in a negative bias supporting our expectations, as stability below 1.5530 is intraday significant to keep the negativity.
The trading range for today is among key support at 1.5325 and key resistance at 1.5590.
The general trend over short term basis is to the downside as far as areas of 1.6875 remains intact targeting 1.4225.
Support: 1.5455, 1.5415, 1.5400, 1.5385, 1.5325
Resistance: 1.5500, 1.5530, 1.5570, 1.5590, 1.5610
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.5500 targeting 1.5455, 1.5415 then 1.5400 and stop-loss with four-hour closing above 1.5530 might be appropriate