- RES4: 1.5815 (May 14th high)
- RES3:1.5745 (61.8% retracement of 1.5813 and 1.5630)
- RES2: 1.5725 (20 day HMA)
- RES1: 1.5687 (Tenken-Sen)
PRICE: 1.56435@ 05:00 GMT
- SUP1: 1.5630 (May 13th low)
- SUP 2: 1.5590 (23.6% retracement of 1.5088 and 1.5746)
- SUP3:1.5530 (200 day HMA)
- SUP4: 1.5480
GBP/USD has formed double bottom around 1.5630 and any break below will confirm the short term bearishness, a decline till 1.5480 cannot be ruled out .
Today market awaits for CPI and PPI data scheduled in a few hours for further direction.
UK headline consumer prices is expected to risen at a monthly pace of 0.4% during April and to come in flat over the last twelve months, while Core prices would have risen 1.0% on a yearly basis.
Technically GBP/USD major resistance around 1.5725 and any break will target 1.5750/1.5780 in short term.
Intraday minor support is 1.5630 and any break below will target 1.5590/1. weakness only below 1.5630.
It is good to sell on rallies around 1.5675 for the target of 1.5590 with stop around 1.5725.
