GBP/USD- Testing resistance at 1.3930 levels
13 March 2018
In our last 2 Pound outlook , we have been able to capture end to end move from 86 to 91.50 and back to 88.50( near readers may visit www.routeforex.com to read earlier view).
Movements in the forex markets are not too decisive for the moment. Sterling made a rally yesterday but there was no follow through buying since then.With US inflation data due today market will be subdued before the data.GBP/USD rebounds strongly yesterday but it’s still staying below 1.3930-1.3940 resistance as seen on the chart. The below chart shows a downward sloping wedge formation with resistance holding around the said level and if this level continues to hold then it can take GBPUSD to be the lower channel support at 1.3600 levels else a break of 1.3930 will be required to maintain bullish view.A trader may initiate sell around 1.3930 levels with a stop loss at 1.3950 with tp at 1.3720.
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