Technical Analysis Daily: GBP/USD

GBP/USD 1.4850

GBP/USD Open 1.4950 High 1.5247 Low 1.4824 Close 1.4957

The Sterling made a significant movement upwards yesterday. The currency pair reached a peak at 1.5247 but closed much lower at 1.4957. Our model remains mixed for now, with descending signals in the medium term. Short term resistance is 1.4995. Immediate support level is around 1.4820. In the long term the bearish scenario is still valid, although the indicator CCI crossed up the 100 line on the daily chart, indicating a potential correction in the upward direction. Immediate support is seen at 1.4820, followed by 1.4700.

Technical resistance levels: 1.4995 1.5100 1.5250
Technical support levels: 1.4820 1.4700 1.4595

Trading range: 1.4840 - 1.4910

Trend: Upward

Buy at 1.4850 SL 1.4820 TP 1.4900

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