Traders eye today's current account deficit figures. GBP/USD is trading at 1.6610 in Asia's trading session. In yesterday's trading session, the pair moved towards the 50.0 fib level and was unable to cross the level of 1.6648 (March 18 high). The pair has been continuing its 4-day winning steak. On the downside, support levels exist at 1.6590, 1.6576 (50SMA), and 1.6555 (23.6 fib and yesterday's low). The pair came out from the falling wedge on Wednesday. The next up move will take place only above 1.6654 for targets at 1.6718 and 1.6750. We recommend to go long only above the level of 1.6654.
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Forecast:
In the weekly chart, RSI started its journey towards the downside. It indicates selling on rallies. On a positional basis, the pair is facing resistance levels at 1.6666, 1.6786, and 1.6823. On the downside, support exists at 1.6424. On a monthly basis, the level of 1.6424 is the crucial for the bulls to hold. Below this, 1.6252-1.62, 1.6049, and 1.5929 will be possible.
