GBP/USD forecast - page 70
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The pair bounced off from 1.3610 after forming a hanging man candlestick on the four-hour time-frame at that level. The move the downside will likely continue to 1.3500 at least.
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GBP/USD recovered up to 1.3548 today. I think the pair will retest the weekly high at 1.3612.
The pair formed a shooting star candlestick below 1.3560 on the four-hour time-frame, there may be a new move to the downside.
The British pound recorded a modest rise against the US dollar on Thursday. The session started at 1.3514 and the pound added 35 pips. The price managed to break the first resistance at 1.3540 and if the direction of movement went up the pair would head for resistance at 1.3655. On the downside, the goal will be the support at 1.3540.
Key levels to watch for:
Support: 1.3540; 1.3440; 1.3260;
Resistance: 1.3655;
Pound is considered to be one of the strongest currencies this year. Big if true.
The bearish strength seems limited, even though the pair could not stay above 1.36 level, but there is still room on the upside. The immediate resistance can be found at 1.3615.
The pair is still testing the resistance at 1.3585 and it will likely bounce off from it considering the hanging man candlestick on the daily time-frame at that level.