GBPUSD: Under Pressure Below 1.5304 Despite Recovery

Pound dollar 9865315asdfg.jpg

As shown on the daily chart below, the GBPUSD is in extended bullish divergence after breaking below the 1.5129 levels last week, so despite the recovery we witnessed the last 48 hours, the pair remains under pressure as long as holds below 1.5304 on a daily closing basis, a failure to hold above the 1.5304 could mean a return to the 1.4813 levels, a break below 1.4813 will pave the way towards 1.4680 ahead of 1.4500.

On the upside, a daily close above 1.5304 will confirm short term bottoming at 1.4813 levels, ┬áIf seen the pair is likely to target 1.5440 levels ahead of 1.5600 levels, note that upside move above 1.5304 is likely to be contained well around 1.5600 – below 1.5750 – where resumption of the whole fall from 1.6380 is strongly suggested.




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