FXstreet.com (Córdoba) - The pound came under pressure on Friday amid risk aversion in the wake of disappointing Chinese data, and touched a daily low of 1.5575 versus the dollar. From there the pair attempted a recovery but it was capped by 1.5600 and turned back south at the beginning of the NY session.
GBP/USD is currently trading at the 1.5580/85 area, barely above daily lows and 0.3% below its opening price.
"The pair as expected broke its trend line support of 1.5615-00 and moved lower to find support at 1.5580 which is a Fibonacci level on the four hourly charts", says the Kshitij Consultancy Services Team. "We would be waiting for the pair to come near the lower zone of the broad range to take a long position, we maintain our view that the chances of the pair breaking it range on the upside are more and a long near 1.5500 will be a good buy".
"On the upside it has immediate resistance at 1.5650 which it can cross and move towards 1.5700 soon", they add.
GBP/USD is currently trading at the 1.5580/85 area, barely above daily lows and 0.3% below its opening price.
"The pair as expected broke its trend line support of 1.5615-00 and moved lower to find support at 1.5580 which is a Fibonacci level on the four hourly charts", says the Kshitij Consultancy Services Team. "We would be waiting for the pair to come near the lower zone of the broad range to take a long position, we maintain our view that the chances of the pair breaking it range on the upside are more and a long near 1.5500 will be a good buy".
"On the upside it has immediate resistance at 1.5650 which it can cross and move towards 1.5700 soon", they add.
