Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.4804)
- Resistance Levels: 1.4825, 1.4985, 1.5094
- Support Levels: 1.4705, 1.4598, 1.4462
- Trade Strategy: Stand Aside
The British Sterling continues to tread water against its US Dollar counterpart right in the middle of the consolidation range it has been stuck in for the last several trading days. Please refer to the below GBP/USD daily MT 4 chart.
Near term support is at 1.4705. A daily close below this technical level will challenge the technical support that lines up at 1.4598. Should the GBP/USD push higher, near term resistance is at 1.4825. This level is a former support level. A daily close above this level challenges the congestion zone at 1.4950 to 1.4985.
Price action is not clear right now. There is no clear trade setup as there is no directional bias for either a long or short trade. For now, I am sitting on the sidelines waiting for a better trade signal to present itself.
