Cable is trading above 1.5520,weakness only below 1.5480

•RES4: 1.5745 (161.8% retracement of 1.5497 and 1.5080)

•RES3: 1.5675

•RES2: 1.5620 (61.8% projection of 1.5089-1.5523 measuring from 1.5355)

•Res1:1.5585 (38.2% retracement of 1.7166 and 1.45648)


PRICE: 1.5557@ 05:48 GMT

•SUP1:1.5560 (20 day HMA)

•SUP 1: 1.5519 (Resistance turned into support)

•SUP 2: 1.5480 (23.6% retracement of 1.5088 and 1.56119)

•SUP 3:1.5392 (May 11th low)


GBP/USD has made high of 1.5611 and retreating from that level. Short term trend is bullish as long support 1.5480 holds.

Technically GBP/USD major resistance around 1.5620 and any break will target 1.5680/15745 in short term.

It is good to buy at dips around 1.5550 for the target of 1.5620/1.5740 with stop around 1.5480.