The GPB/USD pair has erased its earlier gains after briefly hitting high at around 1.5148 levels, however the pair found selling interest after the US session opened. The pair continues to remain in bearish tone ahead of economic data release from UK which will release average earnings index, claimant count change on Wednesday. If the the figures print positive reading, the cable will likely make a short pullback towards higher levels.
Technically the RSI in the 4 hour chart is indicating downwards, and the 55, 30 and 20 MA’s are also pointing towards downwards. Overall the technical indicators are depicting further downtrend for this pair.
To the upside, the strong resistance can be seen at 1.5222, a break above this level would expose the cable to next resistance level at 1.5280.
To the downside immediate support can be seen at 1.5084, a break below at this level will open the door towards next level at 1.5025.
Recommendation: Go short around 1.5155/1.5180, targets around 1.4960/1.4940, SL 1.5280
Support levels: 1.5084 1.5025 1.4972
Resistance levels: 1.5156 1.5222 1.5281
Technically the RSI in the 4 hour chart is indicating downwards, and the 55, 30 and 20 MA’s are also pointing towards downwards. Overall the technical indicators are depicting further downtrend for this pair.
To the upside, the strong resistance can be seen at 1.5222, a break above this level would expose the cable to next resistance level at 1.5280.
To the downside immediate support can be seen at 1.5084, a break below at this level will open the door towards next level at 1.5025.
Recommendation: Go short around 1.5155/1.5180, targets around 1.4960/1.4940, SL 1.5280
Support levels: 1.5084 1.5025 1.4972
Resistance levels: 1.5156 1.5222 1.5281