FxWirePro: GBP/USD key support at 1.5366, bullish in the short term
The Cable has slipped backwards from 1.5506 levels, after US CPI data came positive in early the US Session. However, the pair has rebounded is approaching resistance level at 1.5470, The currency pair is trading above u…
The Cable has slipped backwards from 1.5506 levels, after US CPI data came positive in early the US Session. However, the pair has rebounded is approaching resistance level at 1.5470, The currency pair is trading above upward trend line in daily chart and pivot point located at 1.5405 which suggest further bullish momentum towards upside. Therefore its good to buy this pair above 1.5410 levels.
To the upside, the strong resistance can be seen at 1.5470, a break above this level would expose the pair towards next resistance level at 1.5506 (Daily high).
To the downside immediate support can be seen at 1.5412, a break below at this level will open the door towards next level at 1.5366.
Recommendation: Go long above1.5370, targets 1.5450, 1.5480, SL 1.5300
