GBP/USD: First Resistance At 1.4470/80
Jason Sen | May 13, 2016 04:24AM ET
GBP/USD trading at 1.4425/20 as I write and a break below 1.4400 risks a retest of 100dma support at 1.4355/50 today with important trend line and Fibonacci support at 1.4340/30. Try longs within this 25 pip area, with stops below 1.4290. Just be aware that a break and weekly close below 1.4320 is a sell signal for next week, despite oversold conditions and targets minor support at 1.4290/80 then 1.4245/40.
First resistance at 1.4470/80 but a break higher again today re-targets resistance at 1.4525/30. A high for the day certainly possible again but a break higher targets 1.4570/75 then strong resistance at 1.4620/30.
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