GBP/USD: Testing Key Resistance Level

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GBP/USD: Testing Key Resistance Level

4:30 PM (EST) Update

GBP/USD 4 Hour: Testing 50% Fibonacci at 1.50

Trading Idea: Long positions above 1.5070 with target set at 1.5125 and 1.5180 in extension.

Technical reasons why: The pair is testing the 50% Fibonacci level for the second consecutive day. After forming a spinning time, today we saw a stronger bullish candlestick which may be able to break above the resistance level of 1.5070. The pair remains above the Ichimoku cloud with the Tenkan line crossing above the Kijun line.

Alternative Scenario: Below 1.4950 look for further drops towards 1.4816

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
1.4816 1.5070 1.5125
1.4760 1.4955 1.5180