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GBP/USD – Tale of two 23.6% Fibo levels

FX:GBPUSD   British Pound/U.S. Dollar
Support – 1.4330, 1.43, 1.4236

Resistance – 1.4423, 1.4484-1.4509, 1.4551

  • Last week’s red candle marked another failure to hold above 1.4629 (23.6% of 1.7193-1.3836). Over the last six weeks, the pair has repeatedly run into offers above 1.4629 levels, leading to a weekly closing below the same. Similar thing was witnessed in Jan 2016 when the pair ran into offers at a high of 1.4669 and fell below the said Fibo level.
  • On the other hand, we have 1.4330 (23.6% of 1.5930-1.3835), which has acted as a strong support in twice in May.
  • Cable fell to a low of 1.4354 in Asia after weekend polls showed the 'leave' side picking up momentum . Another wave of GBP selling could hit the markets in Europe, taking the pair down to 1.4330-1.43 levels.
  • Break below 1.4330, preferably on a day end closing basis would open doors for 1.4150 levels.
  • On the other hand, a rebound from 1.4330 followed by a break above daily 50-MA at 1.4423 could see the pair challenge rising trend line hurdle around 1.4510 levels.
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