GBP/USD - All depends on day end closing

FX:GBPUSD   British Pound/U.S. Dollar
Resistance – 1.4387, 1.4413, 1.4441

Support -1.4353, 1.4330, 1.43

  • Cable’s bearish break from the rising trend line formation on the hourly chart has opened doors for further losses.
  • However, bears should watch out for support at 1.4354 (daily 100-SMA). A rebound from 1.4354 could see minor correction to 1.4387 and possibly to 1.44+ levels.
  • Continued selling puts GBP at risk of a drop to 1.4330.
  • It all depends on the day end closing..below 1.4387 means rising trend line breached on day end closing basis and that would mean the sell-off from the high of 1.4770 has resumed.
  • Daily closing above 1.4387 keeps hopes alive of a rebound to 1.4441 on Monday. Moreover, bulls need a day end closing above 1.45 handle.
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