GBPUSD: The cable was rejected at an interesting trendline (below chart). Medium-term resistance zone seems between 1.4350-1.4500 it’s 50.0 fib reaction (1.7190-1.1824). We believe 1H 2018 range remains between 1.4500 and 1.3500.
As shown in the below chart the weekly price action trading in a falling wedge. Intraday resistance seems at 1.4000 and 1.4070. New Chair Powell testimony and UK manufacturing PMI survey cast the trend.
Also read: Global economic calendar
Weekly resistance seems at 1.4150 (below chart) above this target 1.4280-1.4300.
Weekly range: 1.4150-1.3730
Support finds at 1.3800 and 1.3730.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
Have a question? Let us help!
A KTM Analyst is ready to assist you, click on the comment section below