- GBP/USD rebounded strongly towards 1.4280 levels earlier in mid European session. However, the pair turned back after failing to break resistance level 1.4286, as the pound ran out of strength against US dollar. The pair has to break resistance level at 1.4300 levels in order find any bullish momentum, unless until trend continues to be strongly bearish for this pair.
- The short term picture depicts more downside for this pair, as the pair is capped by downward trend line in daily chart, the relative index is pointing downwards at 49, the 55, 30 and 20 MA’s is indicating downward momentum .Overall the technical indicators are depicting dowside for this pair.
- To the upside, the strong resistance can be seen at 1.4328, a break above this level would expose the cable to next resistance level at 1.4397.
- To the downside immediate support can be seen at 1.4203, a break below at this level will open the door towards next level at 1.4114.
Resistance Levels
R1: 1.4291 (50% Retracement level)
R2: 1.4328 (March 10th high)
R3: 1.4397 (March 22nd high)
Support Levels
S1: 1.4203 (50% Retracement level)
S2: 1.4114 (38.2% Retracement level)
S3: 1.4056 (24th March lows)
The material has been provided by InstaForex Company – www.instaforex.com