GBP/USD gains some upside momentum but still bearish
The British pound has made short squeeze against US dollar by hitting high at 1.4406 during mid-morning US session, after the pair found support at 1.4333. However, the gains should be limited as the resistance level at …
The British pound has made short squeeze against US dollar by hitting high at 1.4406 during mid-morning US session, after the pair found support at 1.4333.
However, the gains should be limited as the resistance level at 1.4427 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term, therefore it’s good to sell this pair on rallies.
To the upside, the strong resistance can be seen at 1.4427, a break above this level would take the pair towards next resistance level at 1.4470 levels.
To the downside immediate support can be seen at 1.4348 levels, a break below this level will open the door towards next level at 1.4300.
