GBP/USD leans on a crucial support. - Technical Analysis. - 07-01-2016
GBP/USD kept declining in the short term and intra-day levels trading, with the complete dominance of the downward trend in the short term, and with continuous negative pressure from the simple moving average for the last 50 days period, leaning thereafter on the crucial support level of 1.4615, which is the first serious support test for the pair in ten months, therefore we expect the pair to gain some positive momentum after leaning on that support, while it's worth pointing out to some positive signals coming out of relative power indicators, like a tentative forming of a positive divergence.
Therefore we expect the pair to gain ground in the next trading, as long as the support of 1.4615 holds on, targeting thereafter the resistance of 1.4700.