FXStreet (Guatemala) – Omkar Godbole, Editor and Analyst at FXStreet explained the GBP/USD is a technical snapshot.
“1. Repeated failure to take out 1.5749 (23.6% Fib R of 1.5169‐1.5928), coupled with bearish 5‐DMA and 10‐DMA crossover opens doors for a sell‐off to 1.5660 – 1.5606 (23.6% Fib R of 1.4564‐ 1.5928).
2. The immediate support is seen at 1.5690‐1.57 (May 21 and 22 high). However, the rise to 1.5749, followed by a sell‐off below the 5‐DMA located at 1.5737 could see the pair easily take out 1.5690‐1.57 support levels.
3. Consequently, the pair is likely to test 1.5606 levels. The bearish view is at a risk of the daily close above 1.5749.”
Omkar Godbole, Editor and Analyst at FXStreet explained the GBP/USD is a technical snapshot.
(Market News Provided by FXstreet)