Technical Analysis for GBP

The pair managed to move to the upside yesterday and the upside move remained limited below 1.5395. Stability below that level might halt the bullish wave, whereas that level managed to stop the upside move earlier; Stochastic has entered overbought areas. We will benefit from being below 1.5395 to sell the pair today. Breaking 1.5280 levels might extend bearishness today.

The trading range for today is among key support at 1.5170 and key resistance at 1.5470.

The general trend over short term basis is to the downside as far as areas of 1.5605 remains intact targeting 1.4550.

Support: 1.5310, 1.5280, 1.5235, 1.5205, 1.5170
Resistance: 1.5350, 1.5395, 1.5425, 1.5470, 1.5500

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.5350 targeting 1.5310, 1.5280 then 1.5200 and stop-loss with four-hour closing above 1.5395 might be appropriate

IMOH, Clement I.
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