Technical outlook and chart setups:
The GBP/USD pair is now seen to be testing recent lows around 1.5130/40. Please note that the pair could drop to the territory around 1.5080/90 (the Fibonacci convergence) before turning bullish again. Only a drop below the level of 1.5050 should be a concern for bulls. It is hence recommended to remain long with risk at 1.4950. Immediate support is seen at the level of 1.5090 levels (interim) followed by 1.4900 and lower, while resistance is seen at 1.5650 followed by 1.5800 and higher.
Remain long with stop set at 1.4950. A target is open.
The material has been provided by InstaForex Company – www.instaforex.com