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The pair holds above trend line resistance on board-based pound sterling selling. Intraday bias remains bullish as long as support 0.8380 holds. It hit an intraday high of 0.85901 and is currently trading around 0.85646.
Technical Analysis
The pair is currently trading above the 34- and below 55-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.84500 confirms an intraday bearish trend. A drop to 0.8400/0.8380/0.8300 is likely.
Near-Term Resistance: The near-term resistance is around 0.8600. Any violation above will take the pair to 0.86250/0.8700.
Indicator Analysis (Daily chart)
- CCI (50): Bullish
- Average Directional Movement Index: Bullish
Trading Recommendation
It is good to buy on dips around 0.8500 with SL around 0.84480 for a TP of 0.8700.
