- GBP/USD slipped towards lower levels in the early European session as the pair was broadly sold across the board. However, after finding support at 1.4050 levels, the pair has rebounded to trade around 1.4090 levels.
- Any upside should be limited around 1.4141 as the pair is set to flatter further below in the short term as dollar is stronger against the euro ahead of FOMC meeting.
- To the upside, the strong resistance can be seen at 1.4141, a break above this level would take the pair towards next resistance at 1.4207.
- To the downside immediate support can be seen at 1.4050 levels, a break below this level will open the door towards next level at 1.3972.
Resistance Levels
R1: 1.4141 (50% Retracement level)
R2: 1.4207 (61.8% Retracement level)
R3: 1.4274 (March 8th high)
Support Levels
S1: 1.4050 (38.2% Retracement level)
S2: 1.3972(23.6% Retracement level)
S3: 13900 (Psychological levels)
The material has been provided by InstaForex Company – www.instaforex.com