The GBP/USD pair has been trending upwards since the 29th of October 2015, with the buyers leading the price from as low as 1.5242 to as high as 1.5493.
During the course of the day today, the pair stabilised around 1.5429 to subsequently rise up to 1.5493 to finally fall down to 1.5429. In the event that the sellers keep exerting strong pressures and the price breaks below the level of 1.5399, the pair could decelerate down to 1.5369 and 1.5338 in extension.
Conversely, in the scenario where the price finds enough support below the level of 1.5429, the price could bounce back up. If the buyers manage to resume their previous upward pressures and the price breaks above 1.5506, the price could escalate up to 1.5668.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.