Technical outlook and chart setups:
The GBP/USD pair is seen to be trading at 1.5720 now looking for an opportunity to rally towards at least 1.6000. Please note that the pair has retraced towards Fibonacci 0.382 support around 1.5630 and bounced back higher again. Bulls should be poised to hit higher highs until prices remain above at least 1.5600. It is hence recommended to initiate long positions at current levels with risk at 1.5600. Immediate support is seen at 1.5630 (interim) followed by 1.5450, 1.5250, and lower. Resistance is seen at 1.5900/50 and higher respectively.
Initiate long position now, stop is at 1.5600, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com