FXStreet (Barcelona) – FXStreet Editor and Analyst, Omkar Godbole, sees downside potential for GBP/USD towards 1.5667 levels, below which the pair might dip lower to 1.5606.
Key Quotes
“At the moment, the pair is trading at 1.5728. Given the repeated failure to take out 1.5749 on closing basis, the pair could re-test the support at 1.5667. The pair was also rejected at its hourly 50-MA in the North American session, which was followed by a bearish daily close below 1.5749.”
“Fresh offers are likely to hit the pair in the early European session, taking it to 1.57-1.5667 levels. A break below 1.5667 could push the pair down to 1.5606 (23.6% Fib R of 1.4564-1.5928).”
“On the other hand, a break above 1.5749 could see the pair re-test 1.5790-1.5800.“
(Market News Provided by FXstreet)