GBP/USD declined in the earlier session to hit low at 1.4041 levels. However, after finding support at 1.4041 the pair has recovered to trade around 1.4128 levels in the early US session.
- Currently the pair trying to consolidate above 1.4109 50% fib levels, nevertheless short pullback towards 1.4160 levels should be viewed as selling opportunities as the resistance level at 1.4183 is set to hold the bulls from advancing further above and push the pair towards lower levels in the short term.
- To the upside, the strong resistance can be seen at 1.4183, a break above this level would expose the cable to next resistance level at 1.4229.
- To the downside immediate support can be seen at 1.4109, a break below at this level will open the door towards next level at 1.4041.
Resistance Levels
R1: 1.4148 (Daily high)
R2: 1.4183 (61.8% Retracement level)
R3: 1.4229 (March 23rd high)
Support Levels
S1: 1.4109 (50% Retracement level)
S2: 1.4041 (38.2% Retracement level)
S3: 1.3970 (23.6% Retracement level)
