Saqib Iqbal
Black Pipper Forex
The British Pound fell sharply from then 1.4000 handle on Monday towards the broken resistance of 1.3915. This was a key resistance that the GBP/USD pair managed to break and shoot up in the last week. Now the broken resistance has been turned to the support for the falling price.
The falling price found some buying interest and is trying to accumulate some strength at the level. Please note that the resistance turned support has a confluence with 20-period SMA as well. However, the volume is not quite significant at the moment.
Trading scenario
You can buy the GBP/USD around the horizontal level of 1.3915. Potential upside targets could be the previous day's top at 1.4008 ahead of 1.4050 and then 1.4100 handles. Alternatively, if the price moves back below the support area and sustains there for another hour or two, then look for selling opportunity with potential downside targets at 1.3875 ahead of 1.3840 and then 1.3800 handles.
The analysis, trade recommendations or strategies are meant for educational purposes. Each trader should use his own due diligence in making trading decisions and take risk as per tolerance capacity. Black Pipper Forex cannot be held responsible for any loss caused.
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