FxWirePro: GBP/USD Retains Bullish Outlook With Scope to Target 1.4450
- The GBP/USD pair retreated back on Wednesday, as the Pound found short selling interest after data showed the number of unemployed in Britain rising and wage growth fell short of expectations.
- The pair eased to intraday low at 1.4345, after the data release but recovered towards 1.4386 in the early US session.
- However downside is expected to be limited as the pound presents positive tone and is set to resume upward momentum against weaker dollar.
- To the upside, the strong resistance can be seen at 1.4407, a break above this level would expose the pair towards next resistance level at 1.4441.
- To the downside immediate support can be seen 1.4370, a break below at this level will open the door towards next level at 1.4345. Resistance Levels R1: 1.4407 (Daily high) R2: 1.4441 (38.2 % Retracement level) R3: 1.4461 (March 30th high) Support Levels S1: 1.4370 (50 % Retracement level) S2: 1.4345 (Daily lows) S3: 1.4300 (61.8% Retracement level)