Gbp/usd Trade Idea

  • Major resistance – 1.5250
  • Cable is trading between 1.4945 and 1.4805 for the Past two weeks. Short term trend is still weak as long as resistance 1.5250 holds.
  • The pair has made a low of 1.4805 (22nd Dec 2015) and started to recover from that level.
  • Short term resistance is around 1.5100 and break above targets 1.5160/1.5240.
  • Overall bearish invalidation only above 1.5250.
  • On the downside major support is around 1.4800 and break below will drag the pair down till 1.4720/1.4650/1.4560 level.

It is good to sell on rallies around 1.5100 with SL around 1.5250 for the TP of 1.4720/1.4630/1.4560

R1-1.4950

 R2-1.5100

R3-1.5250

Support

S1-1.5800

S2-1.5720

S3- 1.5630

The material has been provided by InstaForex Company – www.instaforex.com

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