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GBP/USD – Rebound from trend line support likely

FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
Resistance – 1.4514, 1.4549, 1.46

Support – 1.4474, 1.4428, 1.4374

  • Cable’s finally found support at the rising trend line drawn from April low and May low in the NY session.
  • A minor dip below the same in Asia was quickly done and the pair is now attempting to take out 1.45 handle.
  • The sharp drop also pushed the hourly RSI into oversold territory.
  • Consequently, spot may take out 1.45 and test supply around 1.4549 (23.6% of 1.3835-1.4770).
  • On the other hand, a failure to take out 1.45 followed by drop below Asian session low of 1.4460 would shift risk in favor of a drop to 1.44 levels.
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