Yesterday we posted a market update where we wrote about the elevated volatility in the British Pound pairs. This morning we had an example of that. GBP/USD made a 200 pip jump from 1.4450s to 1.4650s. It retraced most of the gains during the same hour but it is accelerating as I speak and it´s near the top again. We highlighted yesterday that the Brexit polls were pushing GBP around but we haven´t even had a poll today, yet the Pound is moving around like crazy.
Anyway, where are the support/resistance levels against which we can trade today? The first resistance level comes around 1.4580s where the price is right now. According to our analysis, we think that this level will provide enough resistance to reverse the price or at least give us an opportunity for a scalp. What comes above that? Above it comes 1.46, 1.4650s and 1.4680, then the ultimate resistance at 1.4720-30. How about support? Support comes at 1.45, 1.4450, 1.4380s and 1.4350 which is a tough nut to crack. Use these support and resistance levels as a guide and to limit your risk.
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