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GBP/USD – Fades spike to 1.4720

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
Resistance – 1.4684, 1.4740, 1.4761

Support – 1.4636, 1.46, 1.4549

  • Pair’s failure to sustain above 1.47 followed by a retreat to 1.4665 if followed by a drop below 1.4636 could signal short-term trend reversal and a possible drop to 1.4549 levels.
  • Retreat from the Asian session high of 1.4726 has also kept the hourly bearish price-RSI divergence intact.
  • On the other hand, a rebound from 1.4636 could yield sideways action in the range of 1.4636-1.47.
  • Bearish invalidation is seen only if prices break above 1.4740 (negating hourly bearish price-RSI divergence), although bulls would a convincing break above 1.4770 levels.
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