GBP/USD – hovering around confluence of Fibo levels

Cable is currently hovering around confluence of Fibo levels – 1.4413 (38.2% of 1.3835-1.4770) and 1.4406 (50% of 1.4041 – 1.4770).

Support – 1.4413-1.4406, 1.4375, 1.4330 (23.6% of 1.5930-1.3835)

Resistance – 1.4443, 1.4492, 1.4514-1.4549

• Rebound from confluence of Fibo levels or a possible dip to support at 1.4375 followed by a move back above Fibo levels would signal corrective rally ahead of the weekend, thus exposing hurdle at 1.4476-1.4492.
  

• However, bulls need to watch out for a failure to take out 1.4443 levels.
  

• On the other hand, failure to sustain above 1.4413-1.4406 followed by a break below 1.4375 would signal extension of this week’s down move to 1.4330 levels.