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GBP/USD – Major trend line resistance being put to test

FX:GBPUSD   British Pound/U.S. Dollar
Resistance – 1.4842, 1.4883, 1.4951

Support – 1.4770, 1.4739-1.47, 1.4636-1.4627

  • Pair is flirting with a larger falling trend line resistance (drawn from July 2014 high – Aug 2015 high).
  • A weekly closing above the same would signal a major trend reversal and open doors for a break above 1.50 levels.
  • However, caution is advised since markets have priced-in ‘Bremain’ to a major extent and hence we may either see a rejection at trend line or a failed breakout, in which case the prices could fall back to 1.4636 levels.
  • A daily closing below 1.4636 would be bearish .
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