FxWirePro: GBP/USD Gains Some Upside Momentum But Still Bearish
9 May 2016, 16:36
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FxWirePro: GBP/USD Gains Some Upside Momentum But Still Bearish
- The GBP/USD slipped lower sharply in the late Asian session shedding more than 70pips as the pair was hurt by opinion poll showing the race between those wanting to stay in European union and those wanting to leave evenly posed.
- However, the pair rebounded sharply erasing earlier losses in the European session after finding support at 1.4371.
- Currently the cable is trading around 1.4408 levels, it is set to decline further towards 1.4370 later towards 1.4340 levels in the short term.
- To the upside, the strong resistance can be seen at 1.4478, a break above this level would expose to cable to next resistance level at 1.4515.
- To the downside immediate support can be seen at 1.4410, a break below will open the door towards next level at 1.4344. Resistance Levels R1: 1.4478 (Daily high) R2: 1.4515 (50% Retracement Levels) R3: 1.4572 (May 4th high) Support Levels S1: 1.4410 (38.2% Retracement Levels) S2: 1.4344 (April 20th lows) S3: 1.4290 (23.6% Retracement Level)
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