The GBP/USD hangs on to gains from daily rally above 1.1550. The pair needs to break above 1.1600 to attract buyers, reports FXStreet’s Eren Sengezer.
Short-term technical outlook points to a bullish reversal
“The short-term technical outlook points to a bullish bias after the latest bounce.”
“1.1600 (psychological level, static level) lines up as immediate resistance. Should the pair manage to sustain above that level, the 1.1640/50 zone (50-period SMA, static level) could be seen as the next hurdle before 1.1700 (static level, psychological level).”
“On the downside, 1.1550 (20-period SMA) is first support before 1.1500 (psychological level, upper bound of descending channel) and 1.1440 (Sep 5 low).”
Source: Fx Street
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