GBP/USD: Reversal From Strong Support?
Maks Maksov | Sep 27, 2015 09:59AM ET
GBP/USD trading plan. That pair looks very bearish, but it is retesting a strong support around 1,518. It may bounce back from there to 1,535, or confirm a bearish break out towards 1,485. On the monthly chart, the pair is clearly at a level it is used to bounce from.
On the weekly chart, the last candle is a strong bearish one, but it is now right above a fibo support. Should that support break down, the next support is around 1,485 -the psychological 1,50 level does not seem to play any important role on that chart-. Should the pair reverse above the 1,518 support, next resistances are at 1,535 and 1,557.
The daily chart gives little clue here, apart from confirming the 1,5175 support, and showing the last candle has a downwick, meaning the pair ended the week with some bullish action.
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