GBP/USD Trading Between 1.4840 and 1.50

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GBP/USD Trading Between 1.4840 and 1.50

GBP/USD continues to consolidate roughly between 1.4840 and 1.4990 (we can just say 1.50). Let’s take a look at the charts for a technical assessment.

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The 4H chart shows that last week, cable popped up from the low on the year at 1.4635 up to 1.5165 before coiling into the 1.4840-1.50 consolidation range. Note that the 4H RSI is still holding under 60, which reflects maintenance of the bearish momentum. Price action during the 3/26 European session so far has respected the 1.50 area as resistance. GBP/USD also looks like it is holding under the 100-period SMA.

Now, if resistance gets broken during the US session, GBP/USD has the bullish scenario at least to “chew through the tail” towards 1.5165. If price falls below 1.4835, we are likely going to see bearish continuation, which is actually the favored technical outlook based on the fact that the prevailing bearish momentum and bias are still in play in the 4H chart.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.