FxWirePro: GBP/USD holds above 1.3900 levels but upside is limited
GBP/USD traded around 7 ½ years low on Thursday, on continued worries Britain may exit Eurozone. The pair hit low at 1.3902 in the early US session before recovering towards 1.3940 levels. Currently the pair is trading a…
GBP/USD traded around 7 ½ years low on Thursday, on continued worries Britain may exit Eurozone. The pair hit low at 1.3902 in the early US session before recovering towards 1.3940 levels.
Currently the pair is trading around 1.3938 levels , it is set to decline further towards 1.3850 and later 1.3800 level.
Technically in the 4 hour chart the 55, 30 and 20 MA depicts a clear bearish slope above the current price action, the RSI is indicating towards downside at 31.
To the upside, the strong resistance can be seen at 1.4083, a break above this level would expose the cable to next resistance level at 1.4133 levels.
To the downside strong support can be seen at 1.3940, a break below at this level will open the door towards next level at 1.3860.
Recommendation: Go short around 1.4010, targets 1.3950, 1.3900, SL 1.4100
