Home GBPUSD: Key Support To Cap Downside Pressure
Forex Bits

GBPUSD: Key Support To Cap Downside Pressure

GBPUSD: GBP sold off strongly the past week leaving risk of more declines. However, we think while its key support at the 1.5329 level holds as support a move higher on recovery should occur. On the downside, support lies at the 1.5300 level where a break if seen will aim at the 1.5250 level.

A break of here will turn attention to the 1.5200 level. Further down, support lies at the 1.5150 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.5450 level with a turn above here allowing more strength to build up towards the 1.5500 level. Further out, resistance resides at the 1.5550 level followed by the 1.5600 level. On the whole, GBP faces the risk of further weakness.

GBPUSD

In our latest podcast we explain what’s going on with EUR and China before previewing the big events ahead:

Follow us on Stitcher.

FX Tech Strategy

FX Tech Strategy

FX Tech Strategy provides simple forex research for Intra-day, swing and position traders. For over 6 years, FXTechstrategy has been committed to providing forex traders including intra-day, swing and position traders exceptional forex research with technical analysis expertise that makes trading decisions easy and painless. FXTchstrategy won Best Technical Analysis (forex best awards) by fxstreet in 2011 and was finalists, Star Awards by traderplanet in 2011 & 2012.