GBP/USD under pressure as Brexit implications could cause food shortage.
Price failed to breach resistance at 1.3770 in yesterdays trading session & has since came under further pressure this morning as the Dollar strengthens.
The expectations are for this resistance to remain unbreached and for the upward movement to end.
If price successfully breaches support at 1.3720, which coincides with the 50MA, this could signal that the corrective move has ended and that the long-term downtrend may continue towards the next target support level at 1.3660 & 1.3600.
In the opposite direction, a breach of the resistance at 1.3770 would be an opportunity for the bulls to lead the pair towards the resistance of 1.3800.
Critical support at 1.3600 & resistance at 1.4000 remain the gate keepers to the long term direction of the pair.
Support: 1.3700 – 1.3660
Resistance: 1.3770 – 1.3800
Price failed to breach resistance at 1.3770 in yesterdays trading session & has since came under further pressure this morning as the Dollar strengthens.
The expectations are for this resistance to remain unbreached and for the upward movement to end.
If price successfully breaches support at 1.3720, which coincides with the 50MA, this could signal that the corrective move has ended and that the long-term downtrend may continue towards the next target support level at 1.3660 & 1.3600.
In the opposite direction, a breach of the resistance at 1.3770 would be an opportunity for the bulls to lead the pair towards the resistance of 1.3800.
Critical support at 1.3600 & resistance at 1.4000 remain the gate keepers to the long term direction of the pair.
Support: 1.3700 – 1.3660
Resistance: 1.3770 – 1.3800