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GBP/USD takes support near trend line, jump till 1.5725 is possible

RES4: 1.5725 RES4: 1.5678 (61.8% retracement of 1.5813 and 1.5441) RES3:1.5630 (Support turned into resistance) RES2: 1.5544 (55 day HMA) PRICE: 1.5544@ 05:43 GMT SUP1: 1.5490 (trend line support) SUP2: 1.5441 (May 19th …

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  • RES4: 1.5725
  • RES4: 1.5678 (61.8% retracement of 1.5813 and 1.5441)

  • RES3:1.5630 (Support turned into resistance)

  • RES2: 1.5544 (55 day HMA)

 PRICE: 1.5544@ 05:43 GMT 

  • SUP1: 1.5490 (trend line support)
  • SUP2: 1.5441 (May 19th low)
  • SUP 3: 1.5390 (May 11th low)

  • SUP4:1.5350 (May 8th low)

GBP/USD short term weakness only below trend line support 1.5490 and below that it can reach till 1.5440/1. is expected to recover till 1.5800 from this level. 

The minor resistance are 1.5630/1.5675/1.5725. 

It is good to buy around 1.5550 with stop around 1.5490 for the target of 1.5725.

 

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