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GBP/USD outlook – Rebounds from 50-DMA, eyes trend line resistan

FX:GBPUSD   British Pound/U.S. Dollar
Resistance – 1.4485, 1.4518, 1.4549

Support – 1.4413-1.4407, 1.4339, 1.43

  • Cable’s rebound from daily 50-MA level of 1.4407 in Asia and a convincing move above 1.4413 (38.2% of 1.3835-1.4770) indicates the pair could test supply around 1.4485 (rising trend line drawn from Apr low-May low).
  • A break higher would expose 1.4549 (23.6% of 1.3835-1.4770).
  • On the other hand, a failure to take out/sustain above 1.4442 followed by a break below daily 50-MA of 1.4407 could yield 1.4338 (daily 100-MA).

Pair remains the mercy of Brexit polls. Volatility is likely to remain high and the UK construction PMI figure is likely to be ignored. An improvement in the UK manufacturing PMI reported yesterday failed to lend support to the pair.
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