GBP/USD Daily Outlook

FX:GBPUSD   British Pound / U.S. Dollar
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GBP/USD is currently trading around 1.5072 after making a low of 1.5020. The pair is facing psychological support around 1.5000 and any break below will target 1.4950/1.4825.

On the upside minor resistance is around 1.5125 (9 day 4HMA) and any break above will take the pair to 1.5160/1.5205.

Indicators (4 Hour chart)
CCI (50) – Sell

CCI (14) – Sell

Ichimoku- Sell

Recommendation: Sell GBP/USD around 1.5125-30, SL 1.5205, Targets 1.5025/1.4960.

Friday's selloff adds credence to our view that recent decline is still in progress and may extend further weakness to 1.5020-25 and then 1.5000, however, near term oversold condition should limit downside and reckon 1.4970 would hold on first testing, bring rebound later.

In view of this, would not chase this fall here and would be prudent to sell cable on recovery as the Kijun-Sen (now at 1.5138) should limit upside. Only above resistance at 1.5223 would suggest low is possibly formed, bring test of 1.5250-55 and then resistance at 1.5270 but break there is needed to provide confirmation.
Sell at 1.5155, Target: 1.5050, Stop: 1.5190
FxWirePro PacMan85
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