GBPUSD Weekly Technical Analysis (4-8 May, 2015) | May 2, 2015

Gbpusd has rejected from its near term resistance area at 1.5490. This level is very strong for this pair. So we saw rejection from that level. It has got back bearish power again. Now this pair is staying near to its little support area at 1.5110. If this pair break this minor support, then it can fall again at 1.5000 area. On daily chart, this pair is looking for more down. On weekly chart, we can see bearish rejection pin bar candle which is indicating sell signal on gbpusd. This pair is now on bearish momentum and we can expect more down rally on this pair.


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Weekly Pivot, Support and Resistance

Resistance Two (R2): 1.5638

Resistance One (R1): 1.5389

Pivot Point: 1.5247

Support One (S1): 1.4998

Support Two (S2): 1.4856