GBP/USD – Corrective rally likely, losses seen below 1.4114

FX:GBPUSD   British Pound / U.S. Dollar
Resistance – 1.4192, 1.4243, 1.4302

Support – 1.4114-1.4090, 1.4056, 1.4030

  • Pair’s repeated failure to sustain below 1.41 amid rising bottoms on hourly RSI indicates prices could see a corrective rally to 1.4192 (61.8% of 1.3835-1.4770). A violation there would expose 1.4243 (5-DMA).
  • On the lower side, a failure to take out/near hourly 50-MA followed by a break below 1.4090 would reinforce bears and shift risk in favor of a drop to 1.4030 levels.
  • Economic data release in the UK – employment and average weekly earnings – is once again likely to be ignored in the wake of Brexit uncertainty.
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