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GBP/USD breaks short term support 1.5440, decline till 1.5350 is possible

  • RES4: 1.5630 (Support turned into resistance)
  • RES4: 1.5580(13 and 1.5441)

  • RES3:1.5525 (Cloud top)

  • RES2: 1. 5460 (20 day HMA)

 PRICE: 1.56391@ 06:14 GMT 

  • SUP1: 1.5441 (May 19th low)

  • SUP 2: 1.5390 (May 11th high)

  • SUP3: 1.5350 (May 8th high)

  • SUP4: 1.5325 (38.2% retracement of 1.4600 and 1.51822)

GBP/USD has broken short term support 1.5440 and this confirms short term weakness, a decline till 1.5350 cannot be ruled out

On the higher side it is facing resistance around 1.5530 and break above would extend gains till 1.5580/1.5630 in short term. 

It is good to sell on rallies around 1.5500 with stop around 1.5580 for the target of 1.5355.

 

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