GBP/USD – Watch out for a rebound from daily 50-MA

FX:GBPUSD   British Pound/U.S. Dollar
Resistance – 1.4482, 1.4556, 1.46

Support – 1.4436, 1.44, 1.4360

  • Pair’s failure to take out larger falling trend line resistance on Wednesday followed by a negative closing yesterday despite absence of fresh Brexit polls and a better-than-expected UK manufacturing and trade deficit data indicates the pair in on track to test daily 50-MA level of 1.4436 and 1.44 levels.
  • However, bears should watch for a rebound from/recovery back above daily 50-MA of 1.4436 followed by a break above 1.4466 (daily high) as such a move would shift risk in favor of a rise to 1.4514 levels.
  • On a larger scheme of things, the pair remains trapped in larger falling trend line hurdle and a rising trend line (drawn from 1.3835 and 1.4005).
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