GBP/USD
Short-term forecast-
The cable has been in a down trend from 1.70 levels, and has formed strong support at 1.673 levels. Until the pair crosses and trades above the 1.6921 levels, it opens a downside target at 1.666-1.6650 levels. The 50-day SMA held the bar and pushed to 1.6921 levels. The next bearish wave will statrt below the 1.673 levels for initial targets 1.666, 1.6554 and 1.6465 levels. The daily momentum oscillators favor selling on the rise strategy for the next couple of weeks. This week's key support is placed at 1.68, after breaking below this, sellers will mint the money with targets 1.675, 1.673 1.666 and 1.6554 levels.
On the up side, the initial resistance is placed at 1.6853, above this, it can fly up to 1.6875 and 1.69. Selling on the rise is valid until it trades below 1.6921.
In Asia's trading session, the pair is facing strong resistance at 1.6853 levels. The trading pattern is framed between 1.6853-1.6830. On the lower side if the pair breaks 1.6830, it will be weak and will correct to 1.6820, 1.6811 and 1.68 levels. The major weakness exists below 1.68 for 1.6780, 1.6766, 1.6744 and 1.673 levels.
On the up side, if the pair breaks the resistance level of 1.6853, it will fly up to 1.6875 and 1.69/1.6906 levels. The hourly Stochasics favors sell side.
Recommendations- cmp 1.6844.
Sell below 1.683, panic below 1.68.
The material has been provided by InstaForex Company - www.instaforex.com
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