GBP/USD trimmed a part of its intraday gains to the 1.3520-25 confluence resistance. Mixed technical set-up warrants some caution before placing fresh directional bets. The GBP/USD pair traded with a positive bias through the mid-European session, albeit has trimmed a part of its early gains. The pair was last seen hovering below the key 1.3500 psychological mark, up around 0.30% for the day. The intraday uptick stalled near the 1.3520-25 confluence resistance, comprising of 50-hour SMA and the 23.6% Fibonacci level of the 1.3188-1.3620 strong move up. The mentioned region should now act as a key pivotal for intraday traders. Meanwhile, the recent pullback from the vicinity of YTD tops, around the 1.3620-25 region, constitutes the formation of a bearish double-top chart pattern. That said, the emergence of some dip-buying warrants some caution for bearish traders. Moreover, oscillators on the daily chart – though have been losing positive momentum – are still holding in the bullish territory. This further makes it prudent to wait for some follow-through selling before positioning for any meaningful slide. On the upside, the 1.3520-25 confluence region might continue to act as an immediate resistance, above which the GBP/USD pair could climb back to the 1.3575-80 area. However, bulls might still wait for a sustained move beyond the 1.3600 mark before placing fresh bets. GBP/USD 1-hourly chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next WTI recovers above $48 ahead of API report FX Street 2 years GBP/USD trimmed a part of its intraday gains to the 1.3520-25 confluence resistance. Mixed technical set-up warrants some caution before placing fresh directional bets. The GBP/USD pair traded with a positive bias through the mid-European session, albeit has trimmed a part of its early gains. The pair was last seen hovering below the key 1.3500 psychological mark, up around 0.30% for the day. The intraday uptick stalled near the 1.3520-25 confluence resistance, comprising of 50-hour SMA and the 23.6% Fibonacci level of the 1.3188-1.3620 strong move up. The mentioned region should now act as a key pivotal for intraday traders.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
