Technical Analysis Daily: GBP/USD

Daily Forex Technicals | Written by iFOREX.bg | Nov 21 08 09:26 GMT |

GBP/USD 1.4890 GBP/USD Open 1.4734 High 1.5247 Low 1.4824 Close 1.4723 After two days of uncertainty on the Sterling/Dollar trend yesterday the currency pair continued with the downward direction. This was justified by the continuing decline of the financial markets. The Pound reached a bottom at 1.4713 and closed at 1.4737. The trend remains in favor of dollar - based on the consolidation model we have now. Short term support levels we have at 1.4715, followed by 1.4555. Immediate resistance represents the 1.4920 level, followed by 1.5005. The CCI indicator crosses upwards the 100 line on the one hour chart, indicating a potential upward correction. Technical resistance levels: 1.4920 1.5005 1.5100 Technical support levels: 1.4715 1.4555 1.4435 Trading range: 1.4890 - 1.4830 Trend: Downward Sell at 1.4880 SL 1.4910 TP 1.4840 iFOREX.bg Forecasts and Trading Signals http://www.zifx.com