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GBPUSD: Sets To Recover Higher On Rejection Candle Formation

GBPUSD: GBP looks to recover higher following its rejection candle print on Friday. This development leaves the immediate risk higher with its lower level charts (see 4 hourly chart) turning higher. On the downside, support lies at the 1.5450 level where a break if seen will aim at the 1.5400 level. A break of here will turn attention to the 1.5350 level. Further down, support lies at the 1.5300 level. Conversely, resistance lies at the 1.5550 level with a break aiming at the 1.5600 level. A violation of that level will open the door for more strength towards the 1.5650 level. Further out, the 1.5700 level comes in as the next upside target. On the whole, GBP faces the risk of a recovery higher on correction.

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