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GBP/USD is in consolidation phase, good to buy at declines

  • RES4: 1.5745 (161.8% retracement of 1.5497 and 1.5080)

  • RES3: 1.5648
  • RES2: 1.5585 (38.2% retracement of 1.7166 and 1.45648)

  • RES1: 1.55512 (Feb 26th high)

 PRICE: 1.5398@ 09:10 GMT 

  • SUP 1: 1.5350 (38.2% retracement of 1.5088 and 1.5520)

  • SUP 2: 1.5280 (200 day HMA )

  • SUP 3:1.5140 (May 6th low)

  • SUP4:1.5080 (May 5th low)

GBP/USD has formed double top around 1.5500 and retreating from that level.

Technically GBP/USD major resistance around 1.5525 and any break will target 1.5640/15745 in short term.

It is good to buy at dips around 1.5360 for the target of 1.5585/1.5740 with stop around 1.5250.

 

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