- Major resistance -1.4770 (200 day MA)
- Cable‘s upside momentum from 1.44450 has been capped at 1.47395 (May 26th high).GBP/USD has been struggling to break May month’s high 1.47696 and also 200 day MA.
- Any further bullishness only above 1.4770 level. Any indicative break above will take the pair till 1.48500/1.4900 in short term. The minor resistance is around 1.46650 and break above will target next level at 1.4700/1.4740 level.
- On the lower side the pair has broken 1.4600 handle at the time of writing and declined till 1.45890.Any violation below 1.4600 will drag the pair down till 1.4550/1.4480 level.
It is good to sell on rallies around 1.4660-1.4665 with SL around 1.4770 for the TP of 1.4550/1.4480
The material has been provided by InstaForex Company – www.instaforex.com