Technical Analysis for GBP

Technical Analysis for GBP

The pair’s attempt to stabilize above 88.6% correction at 1.5645 failed, whereas Linear Regression Indicator 34 failed the bullish attempts. Stochastic is currently showing a negative crossover in levels reflect overbought signals, as RSI is moving in a general bearish bias. Therefore, the possibility of a downside move is valid today.

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