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GBP/USD Intraday Technical Analysis

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Technical summary:

We are back at the low from mid-January. Looking at the monthly chart, we can see that strong support is found near 1.4700. We also have a big doji candle in January indicating a possible bottom being in place or at least nearby. However, to confirm a bottoming being in place, we need a five wave rally and even better a break above 1.5231. As long as minor resistance at 1.5026 protects the upside, the trend remains lower towards 1.4700.

Trading recommendation:

We are neutral, but will buy EUR at 1.4725 with a stop at 1.4675.

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Uitgevoerd door, Analytische expert
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