Technical Analysis Daily: GBP/USD

GBP/USD 1.5203

GBP/USD Open 1.5349 High 1.5446 Low 1.5166 Close 1.5363

In November the British currency prevailed the support level 1.5510 and fell sharply, reaching its lowest rates since 2002. Last week the British currency corrected, but could not strengthen above the strong resistance zone 1.5540. On the weekly chart the descending pressure on the Pound is maintained and will remain strong while the British currency remains below 1.6380. On the daily chart the Cable continues to remain within the short term descending channel, and the risk of further reduction remains high. At the same time on the daily chart convergence is formed, which may cause correction. On Friday the bullish price channel on the four hour chart was broken downwards. Strengthening below 1.5250 would be a signal for further decline of British currency. Keeping over 1.5460 may provoke growth.

Technical resistance levels: 1.5400 1.5490 1.5525
Technical support levels: 1.5150 1.5035 1.4920

Trading range: 1.5215 - 1.5150

Trend: Downward

Sell at 1.5203 SL 1.5233 TP 1.5163

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