Technical Analysis for GBP

Technical Analysis for GBP

The pair is attempting to trade below 78.6% correction at 1.5550 levels, as stability below it might bring back the downside move. RSI is still showing a negative bias but the pair has to stabilize below 1.5550 levels to support the negative outlook.

The trading range for today is among the key support at 1.5390 and key resistance at 1.5645.

The general trend over short term basis is to the upside as far as areas of 1.5100 remains intact targeting 1.6010.

Support: 1.5500, 1.5470, 1.5425, 1.5390, 1.5350
Resistance: 1.5570, 1.5605, 1.5625, 1.5645, 1.5685

Recommendation Based on the charts and explanations above, our opinion is selling the pair with four-hour closing below 1.5550 targeting 1.5470, 1.5425 then 1.5390 and stop-loss with four-hour closing above 1.5605 might be appropriate