- GBP /USD pair advanced towards 1.4246 levels in today’s European session after buyers stepped in, following surge in British industrial output which grew in January, helped by stronger than expected upturn in manufacturing.
- However, the gains should be limited as the resistance level at 1.4246 levels should limit upside and bring a decline towards lower levels.
- To the upside, the strong resistance can be seen at 1.4283, a break above this level would take the pair towards next resistance level at 1.4348.
- To the downside immediate support can be seen at 1.4175 levels, a break below this level will open the door towards next level at 1.4145.Resistance LevelsR1: 1.4246 (50% Retracement level)R2: 1.4283 (March 7th high)R3: 1.4348 (61.8% Retracement level)Support LevelsS1: 1.4175 (Daily lows)S2: 1.4145 (38.2% Retracement level)S3: 1.4105 (March 4th lows)
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