GBP/USD Daily Outlook

FX:GBPUSD   British Pound / U.S. Dollar
GBP/USD has formed a double bottom around 1.5540 and has recovered slightly from that level. In one hour chart CCI (50) has formed bullish divergence and slight bounce till 1.5650/1.5690 cannot be ruled out.
The pair minor resistance is around 1.5620 and any break will take the pair to 1.5650/1.5691 ( 61.8% retracement of 1.57849 and 1.55390).
On the downside break below 1.5540 would extend loss to 1.5500/1.5426 in short term.

CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Neutral

Recommendation: Buy GBP/USD around 1.5585, SL 1.5538, Targets 1.5650/1.5690.


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