Technical Analysis for GBP
After the pair touched 88.6% correction at 1.5645 it dropped again proving the strength of this level which we count on to suggest a downside move today. Momentum Indicators are showing negativity and Linear Regression Indicators represents significant resistances for the pair despite being positive.
The trading range for today is among the key support at 1.5425 and key resistance at 1.5770.
The general trend over short term basis is to the upside as far as areas of 1.5100 remains intact targeting 1.6010.
Support: 1.5570, 1.5550, 1.5500, 1.5470, 1.5425
Resistance: 1.5625, 1.5645, 1.5685, 1.5720, 1.5770
Recommendation Based on the charts and explanations above, our opinion is selling the pair with four-hour closing below 1.5625 targeting 1.5570, 1.5550 then 1.5470 and stop-loss with four-hour closing above 1.5685 might be appropriate