GBP/USD – rebounds from trend line support, bull grip intact

FX:GBPUSD   British Pound / U.S. Dollar
Resistance – 1.46-1.4617, 1.4635, 1.4668

Support – 1.4533, 1.4480 - 1.4472, 1.4392

  • Cable dropped to rising trend line support at 1.480-1.4472 in a knee jerk reaction after Fed statement was released, only to make a quick comeback above 1.4533 levels. The spot now sits above hourly 50-MA (now at 1.4552).
  • So long as the pair does not see hourly close below 1.4550, bulls may have another go at strong resistance at 1.4617-1.4635.
  • On the other side, hourly close below 1.4550 could yield another leg lower to rising trend line support.
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