GBP/USD pares it s gain after BOE Inflation report, good to buy at dips

• RES4: 1.6025 (100% projection of 1.4564 to 1.54997 from 1.50880)
  
  
• RES3: 1.5815 (161.8% retracement of 1.5746 and

• RES2: 1.5750 (161.8% retracement of 1.5497 and 1.50880)
  
  
• Res1:1.5710 (May12th high)

   

  PRICE: 1.5650@ 11:32 GMT 
  
  

• SUP1:1.5640 (34 day H EMA)

• SUP 1: 1.5590 (23.6% retracement of 1.5088 and 1.5746)
  
  
• SUP 2: 1.5550 (May 12^th low)
  
  
• SUP 3:1.5480 (May 11^th low)
  
  

GBP/USD has made high of 1.5746 and retreated after BOE has revised down growth forecasts in its quarterly inflation reports. Short term trend is bullish as long support 1.5590 holds.

Technically GBP/USD major resistance around 1.5750 and any break will target 1.5815/1.6020 in short term.

It is good to buy at dips around 1.5640 for the target of 1.5745/1.5815 with stop around 1.5590.