USD traded closely due to Chinese comment ahead of Obama‘s visit to Asia, GBP/USD pull back perhaps accomplished at 1.6516

The intraday chart reports and the trading range of the GBP/USD reached to around 1.6655. It might probably reach to the point of 1.6516 after fetching out the support level from the currency pair trend at the market.

The analysis of the pair position at the session indicates that the intra-day Forex trend is moving to upside and additional increase can be seen in the retesting the pair at 1.6841.

The possible break in the par trade will bring recommencement of the pair rally from the initial point of 1.5706 to 1.7043 would be the next expected resistance.

On the other side, the downside of the trade suggest that the breaking support of 1.6465 indicates that increase in trade range from 1.5706 has finished and would cause more greater fall of around 1.6261 support level for confirmation.

For clear image of the pair trade, a resistance of around 1.6740 drops from the level of 1.7043 and stopped at 1.5706.

The three-wave pattern of the trade indicates that it is just a moderation in the rally from the level of 1.3503. This kind of mod-term rally is continuing to move and there is an expectation to observe 1.7043.

The downside break point would be 1.6261 is required to show that the increment from 1.5706 has accomplished and move back to the supporting trade level or the market will not take much time to become bullish.

Finexo watches the trading ranges of different currency pair trades and provide interested traders best trading information and Forex trading platform as well. USD/GBP trade ranges indicates that the pair sell at 1.6775, target point gain is at 1.6580 and finally stop at 1.6815 this would be the new trading strategy for the next trading session.