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FxWirePro: GBP/USD trades higher on diminishing brexit support, good to buy at dips

  • Major resistance – 1.4515 (Mar 18th 2016)
     
  • Major support – 1.4450 (resistance turned into support)
     
  • Cable has broken major resistance 1.4515 and jumped till 1.45464 at the time of writing. It is currently trading at 1.4535.
     
  • Short term trend is bullish as long as support 1.4450 holds. On the higher side major resistance is around 1.4550 and break above targets 1.4580/1.463/1.4660 levels.
     
  • Cable jumps well above 1.4500 after new polls showing that support for the Brexit plunged to 29% from previous 34%.
     
  • The pair is trading well above 21 W MA and is expected to reach 1.4600/1.4660 in short term.
     
  • On the lower side minor support is around 1.4500 and break below targets 1.4450/1.4400 level.

It is good to buy at dips around 1.4535-40 with SL around 1.4495 for the TP of 1.4600/1.4660

 

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