GBP/USD: Short-Term Bias Remains Lower Despite Hesitation
FXTechstrategy Team | May 16, 2016 08:37AM ET
GBP/USD: The pair closed lower the past week, leaving risk of additional weakness on the card in the new week. Despite its present price hesitation, short-term risk remains lower.
On the downside, support lies at the 1.4300 level, where a break will turn attention to the 1.4250 level. Further down, support lies at the 1.4200 level. Below here will set the stage for more weakness towards the 1.4150 level.
Conversely, resistance stands at the 1.4400 levels, with a turn above here allowing more strength to build up towards the 1.4450 level. Further out, resistance resides at the 1.4500 level followed by the 1.4550 level.
On the whole, GBP/USD remains vulnerable short term.
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