Talking Technical – GBPUSD
by Pedro Orta
After reaching a two and a half year low, the pound has been trading in a range between 1.5070 and 1.5220. Initial resistance and support levels are seen at 1.5240 and 1.5050 respectively.
There is a possibility for a retracement back to around the 1.5400 level however; I do believe the downside remains a favorable play for this pair. The pound traded below the major support level at 1.5270 opening the door for further downside towards 1.4800 pound vs dollar.
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