GBP/USD analysis: Reveals resistance and support
|GBP/USD
Since the middle of Monday, the GBP/USD has traded in a 50 pip range between two zones. From the above, resistance is provided by the 1.4160/1.4170 zone. In the meantime, support is found in the 1.4100/1.4110 zone.
On Wednesday, the rate had once again bounced off the support of the 1.4100/1.4110 zone. The rate was most likely going to once again test the resistance at 1.4160/1.4170.
In the case of the pair managing to pass the resistance at 1.4160/1.4170, the GBP/USD could reach for the 1.4200 marks and afterward the 1.4250 level. On the other hand, if the resistance holds, the pair would most likely continue to trade sideways in a 50 base point range.
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