- The British pound has recovered some ground against dollar after sharply declining in the European session to hit low at 1.4050. Soft US jobless claims gave the pair a boost during the early American session as continuing jobless claims came at 2,191K against previous 2,172K reading.
- Currently the pair trading around 1.4100 levels it is set to decline towards 1.4000 and 1.3950 in the short term.
- To the upside, the strong resistance can be seen at 1.4173 , a break above this level would expose the cable to next resistance level at 1.4234.
- To the downside immediate support can be seen at 1.4076, a break below at this level will open the door towards next level at 1.4050.
Resistance Levels
R1: 1.4127 (61.8% Retracement level)
R2: 1.4173 (Daily high)
R3: 1.4234 (April 6th high)
Support Levels
S1: 1.4076 (50% Retracement level)
S2: 1.4050 (Daily lows)
S3: (38.2% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com