GBPUSD: Could dip towards 1.4400 levels,support at 1.4830

Pound dollar 9865315asdfg.jpg

As shown on the weekly chart below, fall from 1.6380 levels was contained by 1.4830 levels, rebound from 1.4830 levels vanished at 1.5750 levels 61.8% of 1.4830/1.6380 run, now we have 2 options :

1- A break below 1.4830 would suggest that rebound from 1.4830 is over at 1.5750, and fall from 1.6380 will extend beneath 1.4830 towards 1.4400 ahead of 1.3900 levels.

2- A break above 1.5750 levels would suggest that fall from 1.6380 is over at 1.4830, and rebound from 1.4830 will extend its strength towards 1.6000 ahead of 1.6380 levels.

In all, as long as 1.5750 holds, the pair is likely to consolidate with bearish bias, support is at 1.4830, below this level will target 1.4400 ahead of 1.3900, to neutralize the bearish threat, the pair needs to hold above 1.5750 on a weekly closing basis, If seen it will target 1.6000/1.6380 levels.




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