Similarly as in the case of the precious metal, gold, the GBP/USD currency pair has two major levels to consider in today’s European trading sesion, the 1.5586 and 1.5630 respectively.
The pair has been declining since the 30th of June, 2015, as the sellers have exerted strong downside pressures from as high as 1.5774 to as low as 1.5586.
In the scenario where the buyers are able to withhold the price above 1.5586 and thereafter with a powerful upside break at 1.5630 lead the price higher, the GBP/USD pair could escalate toward 1.5703 and 1.5749 resprectively.
Alternatively, in the event where the sellers resume their downside pressures, the price could likely decelerate as low as 1.5478, provided that there is initially a sufficient break below 1.5586.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.