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GBP/USD has recorded a stunning rally since yesterday, finding support at the seven-week low of 1.3670.Bears have been ceding some ground but remain in control. Momentum on the four-hour chart remains to the downside despite an improvement and the critical support breakout level 1.3800.

Resistance awaits at 1.3800 psychological round figure mark, which provided support in mid-March, followed by 1.3875, a separator of ranges. If the pair continues the bounce up, immediate resistance could be met at the 38.2% Fibonacci retracement level of the down leg from 1.4235 to 1.3670 at 1.3800. Further above, 1.3975 and 1.4010 are eyed.

Some support awaits at 1.3775, a former double-bottom, and it is followed by 1.3740 and 1.3670, the latter being the March trough.

The material has been provided by InstaForex Company – www.instaforex.com

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