The GBPUSD had one more indecisive movement on Tuesday manifested in the Doji daily candlestick which was followed by a bearish candlestick on Wednesday. However, the pair reacted strongly towards the price level of 1.6160 pushing the pair to test 1.6300 – 1.6350 zone.
The view remains bullish in short-term testing 1.6300 – 1.6350 zone as long as we have daily closure above 1.6250.
Support: 1.6200, 1.6180, 1.6150, 1.6125, 1.6075.
Resistance: 1.6250, 1.6285, 1.6300, 1.6350, 1.6390.
Intraday support is seen around 1.6160. However, an obvious break below that level could lead the price to neutral zone in nearest term testing 1.6130-1.6050, while a longer-term support is seen around price level 1.5920 (50% Fibonacci Level).
