Sasha Singh
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GBPUSD : Lost Some Ground After Strong US Data

Pound weakened against US dollar as upbeat US data weighs on the pair. The pair was earlier trading within a rising wedge on the hourly chart which gives a bearish signal and thus the pair broke out from the support trend line of the wedge. If we insert Fibonacci retrenchment to the chart we can see that after breaking out from the support trend line of the wedge the pair found support on the 23.6 fib level. However today the pair broke this level also and fell down to find support at 38.2 fib level after the strong US data was released. The pair may trade within the support and resistance at 38.2 fib level and 23.6 fib level respectively. If it breaks the 38.2 fib level it will find the next support from 50 fib level and if it breaks the 23.6 fib level it may again rise up to the resistance level at 1.6814.