Technical Analysis for GBP

Technical Analysis for GBP

The pair failed to consolidate below 1.5550 but remained within a tight range. Stochastic is showing a negative signal which might indicate that stabilizing below 1.5550 levels represented in 78.6% correction will trigger a bearish wave. Therefore, we hold on to our negative expectations that depend on breaking the referred to level.

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: 1.5550, 1.5500, 1.5470, 1.5425, 1.5390
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 below 1.5550 targeting 1.5470, 1.5425 then 1.5390 and stop-loss with four-hour closing above 1.5605 might be appropriate