GBP USD Technical Forex Analysis for Forex Traders

At an early hour this morning, the Pound broke the resistance specified in yesterday’s report 1.5522, breaking with it the falling trend line from this year’s high. Earlier, the pair broke the rising beautiful trend line from June 8th bottom, breaking with it the short term rising trend. Today’s jump has brought things back to complete chaos, since it was a “move-up” after breaking a 2.5 month old rising trend line! This may indicate that the Pound is on the way to retest that line at the very important 1.5757. Short term resistance is at 1.5600, if broken, the price will start rising with the objective of testing a very important level: 1.5757. If this resistance is broken, the short term uptrend & medium term uptrend will be revived, with a first target at 1.5860. On the other hand, support is at 1.5542, and breaking it would give the Dollar a chance to make the Pound pay back the losses of the Asian session. Targets will be 1.5461 &
1.5320.

Support:

• 1.5542: important intraday level.

• 1.5461: Aug 20th low.

• 1.5320: Fibonacci 38.2% for the massive move up from 1.4227 to 1.5996.

Resistance:

• 1.5600: the falling trend line from Aug 16th top.

• 1.5757: Fibonacci 61.8% for the drop from Aug 6th major top.

• 1.5860: a very exciting resistance appearing on the hourly chart.