- GBP/USD inched higher by hitting daily highs at 1.4281 during early European hours, before pulling backwards in the US session. The pair has held above 1.4200 levels indicating short term buying interest across the board.
- Currently the pair is trading around 1.4244 above daily pivot point located at 1.4220 and is supported by a raising trend line.
- Technically in the 4 hour chart the 55, 30 and 20 MA is slightly turning upwards from the current price action, the RSI is slightly indicating downside at 49.
- To the upside, the strong resistance can be seen 1.4280, a break above this level would expose the cable to next resistance level at 1.4334.
- To the downside immediate support can be seen at 1.4197, a break below at this level will open the door towards next level at 1.4141.Recommendation: Go long around 1.4220/1.5230, targets around 1.4320/1.4380, SL 1.4120Support levels: 1.4197 1.4141 1.4070Resistance levels: 1.4280 1.4334 1.4400
The material has been provided by InstaForex Company – www.instaforex.com