FxWirePro
Short

GBP/USD key resistance at 1.5222, bearish in the short term

FX:GBPUSD   British Pound/U.S. Dollar
337 0 3
GBP/USD             made some gains against dollar in the mid-morning US session hitting as high as 1.5125 levels before decline to trade around 1.5114 levels. On the data front, The UK will release average earnings index, claimant count change this Wednesday, and if the figures print positive reading, the cable will likely make a short pullback towards higher levels. Technically the RSI in the 4 hour chart is indicating downwards, and the 55, 30 and 20 MA’s is indicating downwards. Overall the technical indicators are depicting further downtrend for this pair.
In the meanwhile, the cable is currently trading around 1.5113 levels with oversold condition and a pullback towards 1.5180/200 levels can be expected. The currency pair is set to continue its downward momentum towards 1.4900 levels, as the pound is set to weaken against US dollar             in the short term. Therefore, it’s good to sell this pair on rallies.

To the upside, the strong resistance can be seen at 1.5222, a break above this level would expose the cable to next resistance level at 1.5280.

To the downside immediate support can be seen at 1.5084, a break below at this level will open the door towards next level at 1.5025.

Recommendation: Go short around 1.5180/1.5200, targets around 1.4980/1.4950, SL 1.5280

Support levels: 1.5084 1.5025 1.4972

Resistance levels: 1.5156 1.5222 1.5281

Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out