GBP/USD: approaching key 1.5260 resistance

by Admin

Markets present a better mood today, after yesterday’s panic movements, and majors  trade slightly higher against the dollar, helping GBP/USD regain some ground after an early test of yesterday’s low with the European opening. The pair has tried once to break above 1.5260, and approaches again to the key resistance level, 200 EMA in the 4 hours chart. Technical readings in the mentioned time frame however, maintain a negative bias, with 20 SMA heading lower and offering dynamic resistance now around 1.5300, and indicators heading south below their midlines. 

Chances of a recovery will come with a candle opening above 1.5260 that would help reverse current bearish bias, and favor a recovery up to 1.5300/10 price zone. Failure to overcome the level and renewed selling pressure down to recent lows around 1.5215, will put bears back in control, yet only below 1.5190 the downward continuation will gain momentum towards 1.5150 price zone.

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