FxWirePro: GBP/USD key support at 1.4520, bullish in the short term
GBP/USD pair has recovered from losses suffered after the release of BoE latest policy minutes and has moved back towards one moth high levels in the early US session. The cable is currently trading around 1.4595 levels …
GBP/USD pair has recovered from losses suffered after the release of BoE latest policy minutes and has moved back towards one moth high levels in the early US session.
The cable is currently trading around 1.4595 levels , it is set to continue its upward movement towards 1.4700 levels, as the pound is stronger against US dollar in intraday trading.
Technically the RSI in the 4 hour chart is indicating upwards at 68, meanwhile the 55, 30 and 20 MA's are indicating towards higher side . Overall the technical indicators are depicting further downtrend for this pair.
To the upside, the strong resistance can be seen at 1.4614, a break above this level would expose the cable to next resistance level at 1.4666.
To the downside immediate support can be seen at 1.4520, a break below at this level will open the door towards next level at 1.4454.
Recommendation: Go long around 1.4570 targets around 1.4650/1.4740, SL 1.4480
