• 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