GBP/USD has been steadily
rising since June 05 up to june 18 when it tested a high of 1.5929. Currently,
GBP/USD is in a correctional phase and could hit new lower lows.
The uptrend trendline is
broken, the 200 moving average is broken, the downtrend trendline is rejected.
And finally, 38.2% level, (taken from the Fibonaccy applied to the uptrend
trendline breakout point) was rejected few times.
Overall, the short-term trend is
downword, resistance was rejected. Support was not tested. Consider selling GBP/USD
between R1 (1.5752) and R2 (1.5785) targeting S2
(1.5642) which is 0% Fibs level. Onlya break above R3 could result in a movement higher to form a
double top near 1.5930.
Support: 1.5709, 1.5642
Resistance: 1.5752, 1.5785,
The material has been provided by InstaForex Company – www.instaforex.com