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GBP/USD: Watch out for the 1.53 level

The cable started Thursday on strong footing only to bounce back and create a hammer-like formation above the 1.51 level on the daily chart. The pair has reached an area where a lot of resistance is expected but the bulls don’t seem willing to give up the fight. There are choppy waters ahead all the way up to 1.53. If we manage to break above that level, next target to watch sits at 1.55 (50% Fib retracement from December highs to July lows). At 1.513 at the time of writing, the bears are currently pushing the market lower. As long as we remain above 1.50, pullbacks can be seen as buying opportunities. Only a consistent break below that level would make us reconsider

Dafni Serdari
Market Analyst, Spread betting & CFDs
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