GBP/USD – Bearish pinbar at critical resistance

FX:GBPUSD   British Pound/U.S. Dollar
Resistance – 1.4706, 1.4770-1.4782, 1.48

Support – 1.4642, 1.4616, 1.4540

  • Pair’s run up to a high of 1.4782 followed by a fall back to below previous high of 1.4770, trend line (black) level and 200 day sma led to formation of bearish pinbar candle on the daily chart .
  • The spot has inched higher in early Europe to trade around 1.4690 and is looking to take out trend line (black) resistance.
  • Pair’s failure to do so if followed by a drop below 200-DMA and a subsequent move below Asian session low of 1.4642 would add credence to bearish pinbar formation and open doors for a drop to major support at 1.4540.
  • On the higher side, a day end closing above 1.48 is required to convince bulls about the sustainability of the current rally.

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