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GBP/USD pair slipped back towards 7-years low as fresh sell off resumed on Friday. Sterling lost ground against US dollar after data showed US economy grew at faster rate than expected in Q4.
- Currently the pair is trading around 1.3930 levels , it is set to decline further towards 1.3900 and later 1.3850 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 33.
- To the upside, the strong resistance can be seen at 1.4000, a break above this level would expose the cable to next resistance level at 1.4027 levels.
- To the downside strong support can be seen at 1.3911, a break below at this level will open the door towards next level at 1.3862.
Recommendation: Go short around 1.3970, targets 1.3900, 1.3850, SL 1.4050
Resistance Levels
R1: 1.3965 (61.8 % Retracement level)
R2: 1.4000 (Psychological levels)
R3: 1.4043 (Daily high)
Support Levels
S1: 1.3911 (50 % Retracement level)
S2: 1.3862 (38.2 % Retracement level)
S3: 1.3800 (23.6 % Retracement level)
