GBP/USD – watch out for break below hourly 50-MA
Resistance –1.4617-1.4636, 1.4669, 1.47
Support – 1.4568, 1.4533, 1.4509
Pair’s rebound from rising trend line support (Post Fed low) followed by a move above 1.4533 (50% of 1.5230-1.3835) in early Europe saw the pair make a failed attempt to take out 1.4617.
Bulls need to observe caution as failure to take out 1.4617 despite a smart rebound from rising trend line could shift momentum in favor of bears; especially if hourly 50-MA support of 1.4568 is breached.
Below 1.4568 could yield 1.4508 levels.
Support – 1.4568, 1.4533, 1.4509
Pair’s rebound from rising trend line support (Post Fed low) followed by a move above 1.4533 (50% of 1.5230-1.3835) in early Europe saw the pair make a failed attempt to take out 1.4617.
Bulls need to observe caution as failure to take out 1.4617 despite a smart rebound from rising trend line could shift momentum in favor of bears; especially if hourly 50-MA support of 1.4568 is breached.
Below 1.4568 could yield 1.4508 levels.
