Overview:
GBP/USD is trading in higher range. U.K. markets are shut today for Good Friday holiday. GBP/USD is supported by improved risk tolerance; sterling demand on soft EUR/GBP cross. But GBP/USD gains tempered by bleak U.K. economic outlook; positions adjustment before weekend. Daily chart is positive-biased as MACD is bullish, stochastics is reverting to bullish mode at overbought.
Recommendation:
Buy above 1.5115 with upside targets at 1.5205 and 1.524.
Resistance levels:
R1 - 1.5201-1.5207 band (Thursday's high-Tuesday's high)
R2 - 1.524
R3 - 1.5269 (Monday's high)
Alternative scenario:
Sell below 1.5115 with downside targets at 1.5085 and 1.507.
Support levels:
S1 - 1.5092-1.5086 band (Wednesday's low-March 21 low)
S2 - 1.506
S3 - 1.5025 (March 20 low)
