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    Technical analysis of GBP/USD for June 20, 2016

    Pivot : 1.4371

    GBPUSDH4.png

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    Overview:

    • The GBP/USD pair continues moving in a bullish trend from the support levels of 1.4461. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100) and (50), immediate support is seen at 1.4461. Also, it should be noted that the major support is seen at the level of 1.4371 which coincides with the ratio of 50% of Fibonacci. Consequently, the first support is set at the level of 1.4461. Thus, the market is likely to show signs of a bullish trend around the spot of 1.4461. In other words, buy orders are recommended above the price of 1.4461 with the first target at the level of 1.4773. Furthermore, if the trend is able to breakout through the first resistance level of 1.4773. We should see the pair climbing towards the double top (1.5098) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.4371.

    Observations:

    • On June 23, 2016.
    • Currency: GBP.
    • Fundamental focus today will on EU Membership Vote. So, it should be careful this day because we expect the market will call for a highly volatile this day.

    Intraday technical levels:

    • R3: 1.5458
    • R2: 1.5098
    • R1: 1.4731
    • PP: 1.4371
    • S1: 1.4004
    • S2: 1.3644
    • S3: 1.3277

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