GBP/USD Finding Resistance Near 38.2% Retracement Level

June 2, 2013 in Chart Alert

GBP/USD is finding resistance near 38.2% retracement level of the downward move from 1.5606 to 1.5008. The current price action is also witnessing the resistance just below the Kijun line of daily Ichimoku cloud.

The following charts indicate various resistance levels.

GBP/USD and retracement Levels

GBP/USD daily chart - retracement levels

GBP/USD and daily Ichimoku cloud

GBP/USD and Ichimoku cloud

If we go a bit longer-term and the consolidation continues then we would expect it to be limited to 1.5423 which is 38.2% retracement of the downward move from 1.6381 to 1.4831.

GBP/USD’s move from 1.6381 to 1.4831

GBP/USD longer term

You may also like to check the weekly outlook of GBP/USD.

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