Cable trades well below 20 day MA, targets 1.5480

GBP/USD has convincingly broken 1.5640 (20 day MA) and is trading well below that level.

On the down side minor support is around 1.5580 and any break below will drag the pair further down till 1.5540/1.5470 is possible.

The pair’s minor resistance is around 1.5640 and break above would extend gains till 1.5680/1.5745.

It is good to sell on rallies around 1.5625 with SL around 1.5681 for the TP of 1.5480.