GBPUSD Daily Forecast Apr 07 2017

GBPUSD: Pulls Back With Caution!

GBPUSD: Pulls Back With Caution!

With GBPUSD failing to continue higher through the 1.2493 levels, it may have turned lower to halt its upside offensive, it will have to follow trough lower to push the market for further decline, support stands at the 1.2340 levels, it’s daily chart support, it’s likely to contain fall from the 1.2615 level and bring rebound, however; a cut through that level will turn the focus on the 1.2255 level, further down, support stands at the 1.2143 levels.

Alternatively, If it fails to push the market for further down, a return above the 1.2493 levels can’t be ruled out, further out, resistance stands at the 1.2568 levels (main), price hesitation may occur but a break will aim the 1.2705/1.2773 levels…

Conclusion: The GBPUSD continues to face pullback threats below the 1.2493/1.2568 levels. Above 1.2568 will restore the upside momentum and pave the way to the 1.2705/1.2773 levels…