FXWIREPRO: GBP/USD Neutral Near-Term, Scope for Upward Resumption

FXWIREPRO: GBP/USD Neutral Near-Term, Scope for Upward Resumption

13 April 2016, 19:10
Roberto Jacobs
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FXWIREPRO: GBP/USD Neutral Near-Term, Scope for Upward Resumption

  • GBP/USD rebounded strongly towards 1.4255 levels in the early US session after US retail sales data printed negative figures. However, the pair turned back after failing to break resistance level 1.4255, as the pound ran out of strength against US dollar. 
  • Short term buying interest limited decline in the mid-morning American session as the pair recovered some lost ground to trade around 1.4216 levels. 
  • Currently the currency pair is trading around 1.4210 levels, it is set to advance further towards 1.4300 later towards 1.4350 levels in the short term. 
  • To the upside, the strong resistance can be seen at 1.4255, a break above this level would expose the cable to next resistance level at 1.4357. 
  • To the downside immediate support can be seen at 1.4180 a break below at this level will open the door towards next level at 1.4103. Resistance Levels R1: 1.4255 (38.2% Retracement level) R2: 1.4357 (23.6% Retracement level) R3: 1.4426 (March 31st high) Support Levels S1: 1.4180 (50% Retracement level) S2: 1.4103 (61.8% Retracement level) S3: 1.4000 (Psychological levels)


The material has been provided by InstaForex Company - www.instaforex.com



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