Technical outlook and chart setups:
The GBP/USD pair has been trading in a tight range between the 1.5130 and 1.5200 levels. Please note that the pair has been trading very close to its Fibonacci 0.618 support (of the entire rally between the 1.4950 and 1.5925 levels) at the 1.5085 levels. It is hence recommended to remain long for now with risk at the 1.4950 levels. Immediate support is seen at the 1.5080 levels (Fibonacci) followed by 1.4850 and lower, while resistance is seen at the 1.5650 levels followed by 1.5850 and higher respectively.
Remain long for now, stop is at 1.4950, target is open.
The material has been provided by InstaForex Company – www.instaforex.com