June's AI-picked stock updates now live. See what's new in Tech Titans, up 28.5% year to date.Unlock Stocks

GBP/USD: Still Support At 1.4464-85

Published 05/23/2016, 01:20 AM
Updated 07/09/2023, 06:31 AM
GBP/USD
-

GBP/USD INTRADAY CHART

GBP/USD 60 Min Chart

BIAS: There's still support at 1.4464-85 (max 1.4441) to allow gains to resume…

Resistance: 1.4522 1.4550-60 1.4590 1.4612
Support: 1.4485 1.4464 1.4441 1.4420-25

MAIN ANALYSIS: I was disappointed with the deeper pullback to 1.4485 - that's a 66.7% retracement in this position and the 76.4% is at 1.4464. (85.4% at 1.4441… but not expected.) The other concern is that price dipped below the 4-hour Cloud. Therefore, this does still need confirmation of gains but currently there are no hourly bullish reversal indications - but the 30-min chart is showing a bullish divergence. Hence, care is required now. To become more confident of the upside we need a break above 1.4550-60 at least and also 1.4590. If this is seen, then look for gains towards the 1.4663 high...

COUNTER ANALYSIS: Below 1.4440 would risk further losses back to 1.4403 at least - below will suggest an attack on the 1.4332 low…

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.