GBP/USD is facing resistance around 1.5815, good to buy at dips

•RES4: 1.6025 (100% projection of 1.4564 to 1.54997 from 1.50880)

•RES3:1.5855

•RES2: 1.5815 (161.8% retracement of 1.5746 and 1.50880)

•RES1: 1.5750 (161.8% retracement of 1.5497 and 1.50880)


PRICE: 1.5725@ 05:00 GMT

•SUP1: 1.5695 (61.8% Retracement of 1.5634 and 1.5813)

•SUP2: 1.5630 (May 13th low)

•SUP 3: 1.5590 (23.6% retracement of 1.5088 and 1.5746)

•SUP4:1.5530 (200 day HMA)



GBP/USD once again made a high of 1.5807 and is retreated from that level. Therefore GBP/USD has formed temporary top around 1.5185 and any further bullishness only above that level.

Technically GBP/USD major resistance around 1.5815 and any break will target 1.5815/1.6020 in short term.

Intraday minor support is 1.5695 and any break below will target 1.5630/1.5590.Intrady weakness only below 1.5695.

It is good to buy around 1.5725 for the target of 1.5815/1.5855 with stop around 1.5695.