GBP/USD - 1.6535 Support taken out
Rate - 1.6523
Position - Short @ 1.6520-1.6535
Target - 1.6465
Stop Loss - 1.6660
Intraday Outlook - Re-test of 1.6465 Possible
Cable failed to stabilize after sell off witnessed in Asian trade today. Hourly and 4 hourly charts have taken out the 1.6535 support level, which was four and half month low. Daily RSI is back to res-test the oversold zone while the 4-hourly RSI is indicating possibility of further sell off. Neither of the time frame is indicating any possibility of bullish divergence with RSI.
We are likely to see GBP/USD test 1.6465 today, especially if the US PMI is stronger than market expectation.
Chart Source : www.fxsol.com.au, GTS Advantage Trader