GBP/USD Technical Analysis – May/04

GBP/USD Technical Analysis – May/04

By Praful Patat  05:00 GMT

GBPUSD is consolidation on 1 hour chart, also trend line pass at 1.6483 (Wedge Formation pattern). Now GBPUSD is on 50.0% (1.6454) of 1.6164 to 1.6745, 61.8% (1.6387). GBPUSD retraced 38.2% (1.6625) of 1.6429 to 1.6745, extension 1.6830, 1.6940, still in progress.  In GBPUSP minor support is at 1.6429. GBPUSD break of 1.6683 resistances, next target will be 1.6830-1.6940 area. If GBPUSD will reverse from 1.6523, 1.6383 area, extension is at 1.6895, 1.7091 in bigger range.

New High:  1.6573, 1.6672, 1.6585.

New Low:  1.6376, 1.6475, 1.6388.

Pivot Point: R3-1.6733, R2-1.6658, R1-1.6611, PP-1.6536, S1-1.6460, S2-1.6414, S3-1.6338.

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