Technical Analysis Daily: GBP/USD

GBP/USD 1.9870

GBP/USD Open 1.9981 High 1.9989 Low 1.9819 Close 1.9867

The British Pound continued descending yesterday against the US Dollar from yesterday's top 1.9989 to the bottom 1.9819, which are the the first resistance and support levels respectively for the currency couple today. Today however the GBP/USD started recovering because of the bad US data. If the positive trend continues, next resistance is expected at 2.0110, followed by 2.0200. In downward direction next support for today is expected at 1.9770, the break of which would lead to next target 1.9700.

Technical resistance levels: 1.9990 2.0110 2.0200
Technical support levels: 1.9820 1.9770 1.9700

Trading range: 1.9860 - 1.9920

Trend: Upward

Buy at 1.9870 SL 1.9840 TP 1.9910

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