FxWirePro: GBP/USD consolidating around 1.4571,bias is neutral
Tuesday, June 7, 2016 2:02 PM UTC
- GBP/USD rose towards higher levels on Tuesday as sterling extended its gains against weaker dollar after a pair of polls gave a narrow lead to the "Remain" camp ahead of the June 23 referendum on Britain's European Union membership.
- The pair rose in quick succession towards higher levels after the two polls overnight have lent support to the pound early in today’s European session.
- Currently the cable is trading around 1.4571 levels, it is set to advance further towards 1.4600 later towards 1.4650 levels in the short term.
- To the upside, the strong resistance can be seen at 1.4661, a break above this level would expose to cable to next resistance level at 1.4700.
- To the downside immediate support can be seen at 1.4538, a break below will open the door towards next level at 1.4493.
Resistance Levels
R1: 1.4584 (38.2% Retracement Level)
R2: 1.4636 (23.6% Retracement Level)
R3: 1.4661 (Daily high)
Support Levels
S1: 1.4538 (50% Retracement Level)
S2: 1.4493 (61.8% Retracement Level)
S3: 1.4400 (Psychological levels)