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Technical Analysis: GBP/USD

The pair once again dropped to the 1.6200-1.6260 support area, right where the 100-Day SMA and the 50-Day SMA reside. However, while it trades above 1.6200, we retain a constructive outlook and...

The pair once again dropped to the 1.6200-1.6260 support area, right where the 100-Day SMA and the 50-Day SMA reside. However, while it trades above 1.6200, we retain a constructive outlook and look for a new attempt to reach the 1.6550 resistance, with a break above to continue uptrend ahead of 1.6700. Only a break and consolidation below 1.6200 would confirm a shift in a structure and accelerate declines towards the 200-Day SMA by 1.6080.

Edward Smith, technical analyst of company Admiral Markets.

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