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GBP/USD Consolidates and recovers holds above the 1.6259 level

With GBP still maintaining above its horizontal at the 1.6259 level, upside risk is envisaged. This leaves the pair threatening further upside leaving the 1.6398 level as the next upside.

Further out, resistance resides at the 1.6440 level, its Feb 03 2014 high where a breach will aim at the 1.6500 level.

On the other hand, the risk to this analysis will be a return below the 1.6259 level. Support lies at the 1.6217 level, its Dec 17 2013 low.

A cut through here will aim at the 1.6150 level. Further down, a breach will shift attention to the 1.6100 level and subsequently the 1.6050 level. On the whole, GBP continues to face bear threats though recovering.

GBPUSD

Guest post by FX Tech Strategy.

For more on the pound, see the cable forex forecast.

 

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.