GBP/USD - Targeting Hourly Support At 1.4300
GBP/USD weakens after the lost of two figures earlier last week. Hourly support is given at 1.4300 (21/04/2016 low). Hourly resistance is given at 1.4543 (06/05/2016 high). Stronger resistance is given at 1.4969 (27/12/2016 high). Expected to show further consolidation before entering into another upside move.
The long-term technical pattern is negative and favours a further decline towards key support at 1.3503 (23/01/2009 low), as long as prices remain below the resistance at 1.5340/64 (04/11/2015 low see also the 200 day moving average). However, the general oversold conditions and the recent pick-up in buying interest pave the way for a rebound.