Two decent support points have helped the pound base itself recently. The first at 1.5590 and the second around 1.5630.
GBP/USD M30 chart 24 11 2014
We’ve just broken out of the minor trendline resistance with the lower line providing greater S&R and need to push above the recent highs at 1.5670/80 which also includes the 100 m30 ma. Above here is 1.5700 which will have natural resistance but the ultimate target, to help relieve some of this downward pressure, is at 1.5730/40.
The lower levels are looking fairly strong at the moment, even with the dollar pushing up once more against the yen. That upper 1.5730/40 level needs to be taken out quite soon though or we face testing the lower prices once again.
It’s possible that we’ve found the bottom, as far as the market pushing back rate expectations is concerned, but there is still scope to see a fall to lower support around 1.51/52
GBP/USD Weekly chart 24 11 2014
