Technical Analysis for GBP

Technical Analysis for GBP

The pair is attempting to the upside but stopped again at 78.6% correction at 1.5550. This level represents an intraday interval and we will benefit from being close to it to suggest some bearish correction during the European session especially that Stochastic is still negative. The resistance level shown on graph and the correctional level referred to support our expectations.

The trading range for today is among key support at 1.5395 and key resistance at 1.5605.

The general trend over short term basis is to the downside as far as areas of 1.5605 remains intact targeting 1.4550.

Support: 1.5500, 1.5470, 1.5425, 1.5390, 1.5350
Resistance: 1.5550, 1.5570, 1.5605, 1.5645, 1.5685

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.5525 targeting 1.5500, 1.5470 then 1.5425 and stop-loss with four-hour closing above 1.5550 might be appropriate