FXStreet (Barcelona) – Omkar Godbole, FXStreet Editor and Analyst, gives the technical outlook and key upside and downside levels for GBP/USD.
Key Quotes
“The immediate resistance is seen at 1.5365 followed by resistance at 200-DMA located at 1.5377. Only a break above 1.5377 could see the pair rise to its 1.5417 (76.4% Fib expansion of 1.5813-1.5445-1.5698).”
“On the downside, a break below 1.5336-1.5330 (100% Fib expansion of 1.5813-1.5445-1.5698) could shift risk in favor of a fresh sell-off to 1.5260 (hourly 50-MA).”
“However, the bullish RSI on intraday timeframe and a break above strong resistance of hourly 50-MA in the previous session, indicates the pair is more likely to extend the gains to 1.5417 today.”
(Market News Provided by FXstreet)