GBP/USD Adding to Gains Above 1.4500 Mark
The GBP/USD has been inching higher for third consecutive day and at the time of writing is trading at day's peak near 1.4545 level.
The
pair has been gaining strength after the US President Obama urged UK
people to vote in favor of staying with the European Union when they
cast their vote on June 23. Traders would now take cues from the key
FOMC meeting outcome, which now seems to determine further near-term
direction of the pair.
Technical levels to watch
On
the immediate upside, the pair's up-move beyond 1.4550 round figure is
likely to confront resistance near 1.4570-80 region. A clear
break-through 1.4570-80 resistance now opens room for extension of the
pair's near-term upward trajectory.
On the downside, 1.4500
handle, closely followed 1.4480 day's low, now seems to protect
immediate downside. A drop below 1.4500 might now get bought into and
hence any further weakness is likely to be limited at a previous strong
resistance, now turned immediate strong support, at 100-day SMA region
near 1.4415-20 area.
