GBP/USD
The cable has been in a down trend from 1.699 levels and has been facing strong resistance zone around the 50-day SMA and was unable to cross the supported trend line. Previous week high and low levels are very crucial this week as well. On a weekly basis, on the upper side, 1.6882 is the inital key resistance level on the downside support level existing at 1.666 (61.8 fib level and April 15 low) levels.
In yesterday's trading session, the pair was restricted in going upwards near the 50-day SMA (1.6778). Until the cable trades below 1.6920, the bears will open the gates for 1.666 and 1.6554 levels. On the up side, if the pair trades above the 1.6782 levels, then there is a change of pull back for 1.6815, 1.6850 and 1.6888 levels. On the down side, if the pair breaks the 1.6725 levels, it will fall up to 1.6715, 1.6690 and 1.666 levels. In the daily charts, the RSI is indicating the sell on the rally strategy.
From a purely speculators perspective, the pair looks weak below 1.6725 until this level holds, it can fly up to 1.6762, 1.6770, 1.6778, 1.68 and 1.6810 levels. The bulls momentum will take place above 1.6762 and it will turn strong above 1.6780 levels. On the down side, if the pair breaks the 1.6725 level, it will travel up to 1.6705, 1.6693 and 1.666 levels.
The material has been provided by InstaForex Company - www.instaforex.com
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