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GBP/USD eases off recent high to 1.5088/90

FXstreet.com (Barcelona) - A quick surge to the 1.5120 level (intraday high) proved to be short-lived Wednesday, after the pair quickly erased a portion of this temporary spike.

With the pair operating at +0.31% above it’s opening during European trading, the GBP/USD is slated to face calculated resistance at 1.5103, then 1.5177, and finally 1.5219. Alternatively, a movement lower will lead to supports at 1.4987, followed by 1.4945, and ultimately 1.4871. Presently, the pair is operating at 1.5088/90.

According to the Technical Analyst Team at ICN.com, “The GBP/USD dropped close to 78.6% correction at 1.4995 failing our positive expectations of yesterday, and the stochastic showed a negative divergence while Linear Regression Indicators are negative. However, we need to confirm stability below 1.4995 to support the idea of extending the downside move, and without that we prefer to remain intraday neutral as failing to stabilize below the referred to level might trigger a new bullish rebound.”

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