GBP/USD: Outlook Negative With Key Direction 1.5635/40
Jason Sen | Dec 22, 2014 07:46AM ET
GBPUSD outlook remains negative with 1.5635/40 the key to direction. Failure to get back above sees a test of support at 1.5605/00 but be ready to go with a break lower today to target 2 week lows at 1.5543/1.5539. With the outlook negative a break lower would not be a surprise this week & could target 1.5510/00 & perhaps as far as 1.5435/30. If we continue lower this week we meet important longer term Fibonacci support at 1.5360.
Look for strong resistance at 1.5680/90 again today & a good selling opportunity with stops above 1.5710. However an unexpected break higher sees 1.5690/80 act as support for a move towards 1.5740/50 for a selling opportunity with stops above last week’s high at 1.5785.
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