GBP/USD: Pound requires attention
GBP/USD currency pair, after breaking through and reaching a favorable level on 4-hour timeframe, isn’t managing to succeed in further going for the recovery. The major technical factor, having influence on the market, is a rather strong resistance encountered in the range of 1.4530. Yesterday, the bulls tried to move towards the level once again, however no success has followed. In this regard, the rate has rolled back to Ichimoku cloud and Tenkan, Kijun lines, keeping the prices at 1.4430.
It’s obvious, the current level is presently critical. If bulls manage to restrain it, we might expect the rise upwards 1.4610-1.4650. However, the most expectedly, the movement is to tend to go in favor for the bears – hitting 1.4430 and aiming at reaching 1.4260 in a mid-term.
Technical levels: support – 1.4365, 1.4430; resistance – 1.4530.
Recommendations on trade:
1. Buy — 1.4460; SL — 1.4440; TP1 — 1.4530; TP2 — 1.4610.
2. Sell — 1.4420; SL — 1.4440; TP1 — 1.4360; TP2 — 1.4320.