GBPUSD Daily Forecast Apr 05 2018

GBPUSD Faces Bear Threats Below 1.4130/1.4085 Levels!

GBPUSD Faces Bear Threats Below 1.4130/1.4085 Levels!

As long as 1.4130/1.4085 resistance holds on a daily closing basis, the GBPUSD remains in a pullback mode and further down could be seen to the 1.3993 levels where a cut will confirm the bearish move, below 1.3993 sees a fall risk to the 1.3920/1.3875 levels, It may turn higher to test 1.3993 levels before another fall to 1.2750 levels.

Note: Momentum¬†indicators show that bulls are running out momentum, a sudden fall below the rising trendline couldn’t be ruled out.

On the upside; To prevent a return to the downside, a daily closing above 1.4130 is needed, If seen it will aim the 1.4200/1.4277 levels, further upside, resistance comes at the 1.4345 levels.

Conclusion: The GBPUSD remains vulnerable to the downside below the 1.4130 levels, above 1.4130 will look for the 1.4200/1.4277 levels.