Share
On Tuesday, GBP rallied to its strongest level since May 15 against USD, in tandem with the EURO, driven by prospects of further stimulus by the US Fed.
On Wednesday, GBP continued with its upward momentum against USD and the pair is currently quoting at 1.6108, near a four-month high of 1.6130.
The pair managed to decisively move above 1.6040 - 1.6060 strong resistance zone and as was mentioned in yesterday’s report, strengthen further towards 1.6120 levels.
On the downside, 1.60 – 1.6020 zone seems to act as very strong psychological support in the near-term for the currency pair. Immediate support on the downside lies near 1.6070 levels.
Should the pair break below the psychological support level at 1.60, the pair seems to extend the downward momentum towards 61.8% Fibonacci Retracement Level near 1.5900 levels.
On the upside, 1.6190 is likely to provide resistance, should the pair manage to move above the intermediate resistance at 1.6120 – 1.6130 zone.
Should the pair decisively close above 1.6120 – 1.6130 resistance zone and continues with the upward momentum, it seems to further appreciate towards April highs, 1.63 levels.
Technical indicators - RSI (above 70) and Stochastic Oscillator (above 90), suggests short-term overbought conditions and suggests a period of consolidation between 1.60 – 1.6120 range.
Intraday Important Technical Levels
Support 1 – 1.6076 Resistance 1 – 1.6140
Support 2 – 1.6048 Resistance 2 – 1.6173
Support 3 – 1.6017 Resistance 3 – 1.6206
Admiral Markets
At any use of the analytical material taken from a site of company Admiral Markets, and the secondary publication on any other resources, the rights to intellectual property for a dealing center «Admiral Markets», the reference to a company site is obligatory.
