[B]Forex News from New Forex: Technical analysis of the currency pair GBP/USD[/B]
At the beginning of the European trading session the pair has a mild bearish tone with the support at 1.5505 and resistance at 1.5597. We observe a pullback to the current support and expect that the tendency will continue in the short run. In case of the successful breach of the level at 1.5505, we may see the market below 1.5453. However, a pullback does not cancel a general bullish sentiment. Long positions might bring a good profit, if the bullish candle is formed above the strong support level at 1.5329, a low of June 8.
[B]Forex News from New Forex: Technical analysis of GBP/USD[/B]
After yesterday’s pullback the pair returns to the ascending trend with the immediate level of support at 1.5580 and resistance at 1.5680.
Trades have a mild bullish tone today. In the short run it aims for 1.5674, then 1.5788 (a high of June 29). In case of its successful breach, it would target 1.5929 (a high of June 18).
Basing on data of MACD and the Stochastic Oscillator there might be a consolidation of the market within the above mentioned levels of support and resistance.
[B]Forex News from New Forex: Technical analysis of GBP/USD[/B]
On Wednesday during the Asian trading session the pound streamed back against the greenback after yesterday’s rally. The immediate support is at 1.5557 and resistance is at 1.5643. Trades have a mild bullish tone, however, according to the oscillator Stochastik, the pair is a bit overbought and it may happen that bears will dominate soon. In this case they will have to breach below 1.5510, which opens a wide path to the market to 1.5359. Otherwise, the market will have to go through 1.5643 and 1.5734, then we might observe a rally to 1.5879.
