GBP/USD Open 1.6453 High 1.6726 Low 1.6271 Close 1.6438
Pound/Dollar traded indecisively on Monday, climbing up first to 1.6593 top, from where it started dropping down to 1.6389 bottom, closing the day at 1.6438. On the 3 hour chart after breaking down the 1.6400 support, Cable started significant recovery today, heading towards the nearest 1.6595 resistance. Although the rapid and strong bearish rebound from 1.6593 yesterday was a serious threat to downstream scenario, the 1.6593 resistance is still holding the bullish efforts, indicating longer term bears’ domination. Short term signals, however, are rising with objectives towards the resistance, the break of which might threaten the bears and possibly bring long term upward outlooks. Immediate support is yesterday’s bottom at 1.6390. Break below it may weaken the Sterling further towards 1.6300. The CCI indicator is in the oversold zone and upwards on the 1 hour chart, suggesting bullish pressure.
Technical resistance levels: 1.6595 1.6685 1.6800
Technical support levels: 1.6390 1.6300 1.6185
Trading range: 1.6455 – 1.6530
Buy at 1.6468 SL 1.6438 TP 1.6518
Written by iFOREX.bg