- The GBP/USD initially declined in the mid-European session breaking below 1.4600 levels, however, the pair came under further pressure after US Non-farm payrolls data printed better than expected figures at 292k.
- The pound is set weaken further as the stronger dollar across the board and the debate over Brexit from Europe is set to put further pressure on the British pound in the coming days.
- Currently the cable is trading around 1.4570 levels, it is set to decline further towards 1.4540 later towards 1.4470 levels in the short term.
- To the upside, the strong resistance can be seen at 1.4660, a break above this level would expose to cable to next resistance level at 1.4737.
- To the downside immediate support can be seen at 1.4550, a break below will open the door towards next level at 1.4504.Recommendation: Go short below 1.4600, targets 1.4540, 1.4470, SL 1.4780Resistance LevelsR1: 1.4597 (38.2% Retracement Level)R2: 1.4660 (50% Retracement Levels)R3: 1.4737 (61.8% Retracement Levels)Support LevelsS1: 1.4550(Daily lows)S2: 1.4504(23.6% Retracement Levels)S3: 1.4450
The material has been provided by InstaForex Company – www.instaforex.com