GBP/USD - Eyeing expanding channel support
Resistance - 1.4569, 1.4596, 1.4617
Support - 1.4533, 1.4517, 1.4486
Cable's rejection at expanding channel resistance after US data and in the wake of a sharp spike in US Q1 core PCE indicates the currency pair could be heading lower to 1.4533-1.4517.
A break lower could happen, in which case 1.4486 stands exposed.
On the higher side, channel hurdle at 1.4593 could yield 1.4617.
However, a much stronger rebound from rising trend line support would be needed to see the pair through major hurdle at 1.4436
Support - 1.4533, 1.4517, 1.4486
Cable's rejection at expanding channel resistance after US data and in the wake of a sharp spike in US Q1 core PCE indicates the currency pair could be heading lower to 1.4533-1.4517.
A break lower could happen, in which case 1.4486 stands exposed.
On the higher side, channel hurdle at 1.4593 could yield 1.4617.
However, a much stronger rebound from rising trend line support would be needed to see the pair through major hurdle at 1.4436
