The pound rallied sharply during the final hour of NY trading, allowing GBP/USD to open in Asia near session highs at 1.5483 and drift down to lows as far as 1.5410 as EU concerns persist.
Technically speaking, “Further rally would likely be seen in a couple of days, and target would be at 1.5600,1.5700 zone. On the downside, another fall to re-test 1.5327 key support is still possible, At the time of writing, GBP/USD is quoted at 1.5430, 50 pips below its opening price. To the downside, support levels lie at 1.5426 and 1.5330, while, to the upside, resistance levels lie at 1.5505, 1.5585 and 1.5615.
Technically speaking, “Further rally would likely be seen in a couple of days, and target would be at 1.5600,1.5700 zone. On the downside, another fall to re-test 1.5327 key support is still possible, At the time of writing, GBP/USD is quoted at 1.5430, 50 pips below its opening price. To the downside, support levels lie at 1.5426 and 1.5330, while, to the upside, resistance levels lie at 1.5505, 1.5585 and 1.5615.
By
M.Zohaib Gadit
Forex Trading Consultant
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