GBPUSD Faces Further Bullish Offensive

[FXTechstrategyTeam]

GBPUSD: Having rallied strongly to reverse its three-day weakness to close higher on Wednesday, GBPUSD faces further bullish offensive. This development leaves more upside threats likely towards the 1.5200 level. Support lies at the 1.5100 level where a break will turn attention to the 1.5050 level. Further down, support lies at the 1.5000 level. Below here will set the stage for more weakness towards the 1.4950 level. Conversely, resistance stands at the 1.5200 levels with a turn above here allowing more strength to build up towards the 1.5250 level. Further out, resistance resides at the 1.5300 level followed by the 1.5350 level. On the whole, GBPUSD faces further bullish offensive on bull pressure.

[Ronnie Dsouza]

After losing more than 300 pips in this week before and after FED took the historic decision, GBP is currently tasting the dust at its 9-month lows above 1.4900 levels. The weakness in GBP still prevails against the strengthening USD. What I have observed is that on every rally, selling appears in Sterling. So it would be good to buy this pair on dips and sell this on rally. Here is a chart depicting resistance 1 and resistance 2 at which the traders shall eye upon in the coming days. Not only the fundamentals of UK giving this pair any positivity but MACD also depicts a negative trend.