Midday update for GBP USD 04/03/2015
Economies.com
2015-03-04 11:44AM UTC
The GBPUSD pair achieved an initial break to 1.5350 level and closed four hours candlestick below it, which begin to activate the negative effect of the mentioned head and shoulders pattern in our morning report, which makes us prefer witnessing negative trading for the rest of today.
Therefore, we will wait for targeting 1.5200 then 1.5145 levels in the upcoming period, pointing that breaching 1.5400 then 1.5445 will stop the current negative effect and pushes the price to attempt to rise on the intraday and short term basis.
Expected trading range for today is between: 1.5200 support and 1.5500 resistance.
Expected trend for today: Bearish for the rest of the day
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