Morning Report


GBP/USD pair is currently moving at the resistance level referred to yesterday at 1.5510, accompanied with the entrance of the Stochastic Oscillator momentum indicator in overbought levels. Thus, we expect a decline on the intradaybasis with targets at 1.5345-1.5315, while it should be taken into consideration that the breakout of 1.5570 and stability above it may delay reaching the aforesaid bearish targets.

The trading range for today is among the key support at 1.52315 and the key resistance at 1.5660.

The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling the pair with a break of 1.5510 targeting 1.5345 and stop loss above 1.5625, might be appropriate.