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GBP/USD trades well above 1.4700, targets 1.4800/1.4870

  • Major resistance – 1.4670 (Feb 4th high 2016)
     
  • Major support – 1.4450 (resistance turned into support)
     
  • Cable has broken major resistance 1.4670 and jumped till 1.47403 at the time of writing. It is currently trading at 1.4733.
     
  • Short term trend is bullish as long as support 1.4650 (1 hour Kijun-Sen) holds. On the higher side major resistance is around 1.4750(161.8% retracement of 1.46388 and 1.44729) and break above targets 1.4800/1.4870 levels.
     
  • On the lower side major support is around 1.4650 and break below targets 1.4600/1.4570 level.

It is good to buy at dips around 1.4720-25 with SL around 1.4650 for the TP of 1.4800/1.4870.

 

 

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