- The pair has found renewed bullish momentum after Fed yellen comments, breaking strong resistance at 1.4269 and is moving upwards to test next resistance level at 1.4377.
- The pair is trading around 1.4370 levels and it is expected advance further towards 1.4450 and 1.4470 levels in the short term.
- Short pullback around 1.4290 should be taken as buying opportunities, as the British pound is stronger against the US dollar in intraday trading.
- To the upside, the strong resistance can be seen at 1.4377, a break above this level would take it to upside to next resistance level at 1.4435.
- To the downside immediate support can be seen at 1.4300, a break below this level will take the pair to next level at 1.4269 levels.
Resistance Levels
R1: 1.4377 (38.2 % Retracement Level)
R2: 1.4435 (March 13th high)
R3: 1.4485 (23.6 % Retracement Level)
Support Levels
S1: 1.4300 (Psychological levels)
S2: 1.4269 (50 % Retracement Level)
S3: 1.4177 (61.8 % Retracement Level)
The material has been provided by InstaForex Company – www.instaforex.com