FxWirePro: GBP/USD fails to break resistance level at 1.4929, bearish in the short term
GBP/USD has lost some ground to dollar to trade around 1.4898 levels in the early US session after failing to break minor resistance level located at 1.4929. The ongoing weakness is set to continue for this pair as the r…
GBP/USD has lost some ground to dollar to trade around 1.4898 levels in the early US session after failing to break minor resistance level located at 1.4929.
The ongoing weakness is set to continue for this pair as the resistance level at 1.4953 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels, therefore its good to sell this pair around 1.4920 levels.
To the upside, the strong resistance can be seen at 1.4953, a break above this level would expose the cable to next resistance level at 1.5000.
To the downside immediate support can be seen at 1.4894, a break below at this level will open the door towards next level at 1.4860.
Recommendation: Go short around 1.4920, targets 1.4870, 1.4800, SL 1.4980
