Technical outlook and chart setups:
The GBP/USD pair is seen to be trading around the 1.5600 levels for now, having faced interim resistance at the 1.5700 levels yesterday. Please note that the pair has already initiated its way towards 1.64 and 1.7+ levels in the coming weeks. It is unclear how much would it retrace before resuming its uptrend. Ideally, the 1.5100/1.5085 mark, which is Fibonacci 0.618 retracement of the rally from 1.4670 to 1.5900 levels, remains best buy. It is recommended to stay flat for now and allow the pair to retrace lower to initiate long positions. Immediate support is seen at the 1.5450 levels followed by 1.5300, 1.5100 and lower, while resistance is seen at the 1.5700 levels followed by 1.5800/5900 and higher respectively.
Remain flat for now and look to buy lower.
The material has been provided by InstaForex Company – www.instaforex.com