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GBP/USD bulls giving way in key “buy dips territory”

FXStreet (Guatemala) - GBP/USD is trading at 1.6208, down -0.20% on the day, having posted a daily high at 1.6289 and low at 1.6166.

GBP/USD is losing the battle on ground 1.62 handle but still holds up as a favorite in comparison to the rest of the G10’s. However, if we are to take note from RBS, they have taken profits on small longs from early September trade, as 1.6500 seen resistance, and in their opinion, it is suggesting there will be another dip before recovery, which could as well form a double-bottom pattern. “In any case”, Dmytro Bondar, technical analyst at RBS said, “, I believe the area of 1.6013 – 1.6074 provides a good support (where 100- and 200-week MA both lie as well as the 50% retracement from
2013 – 2014 impulse wave)…Hence favour re-entering longs at the same levels as last time (buying dips to the 1.6074 support). The key resistance is 1.6284 (38.2% of 2013 – 2014 and the gap’s low). Should a break below 1.6000 occur, it will change the view and make the pair negative to 1.5722 onto 1.5375”.

GBP/USD hourly levels

Current price is 1.6209, with resistance ahead at 1.6211 (Daily Classic S1), 1.6214, 1.6225 (Hourly 20 EMA) and 1.6241. Next support to the downside can be found at 1.6184 (Weekly Classic S1), 1.6182 (Daily Classic S2), 1.6166, 1.6149 (Daily Classic S3) and 1.6120 (Weekly Classic S2).

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