Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.5164)
- Resistance Levels: 1.5160, 1.5270, 1.5290
- Support Levels: 1.5090, 1.4980, 1.4890
The Sterling has found an interim bottom just below the key pivot at 1.50, and is attempting to push higher versus the US Dollar. Please refer to the below daily MT 4 chart.
Near term support is at 1.5160, which we are testing now. A daily close above this level will open the doors for a challenge of 1.5270. A break above this level will see the Sterling inch towards 1.53. Should the GBP/USD reverse course, then we see former resistance turned support at 1.5090. This would be the first downside boundary to surpass. A break below this level will challenge the technical support at 1.4980.
As much as I would like to go long Sterling at this point, price action is not conclusive to warrant that move plus, from a risk to reward perspective, we are too close to a resistance level. There are no short moves as well. For right now I am on the sidelines waiting for a move actionable trading opportunity to present itself.
