TRADING WITH GBP/USD

2 April 2016, 15:20
David Joseph
0
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GBP/USD

The British pound traded in a choppy manner yesterday and continue to fight for a clear direction in the near-term as 1.4450-1.4470 zone remains key resistance.

Looking at the near-term technical picture, the pair failed around 1.4425 level, which is below this week high, and consequently we believe that a re-test of 1.4300 area may happen. In the meantime, as far as 1.4194 low is in place another push higher can take place.

To conclude, the hourly trend remains bullish by now and the pair may continue to trade higher as far as 1.4194 low is in place but looking at the short-term periods, we are seeing some selling pressure in the coming hours.

To conclude, we prefer to wait for this week close to confirm the next direction in this pair and traders should be careful ahead of the U.S jobs figures later today.

Support: 1.4297-1.4194-1.4053

Resistance: 1.4425-1.4470-1.4515
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