- Major support – 1.4440 (trend line joining 1.40053 and 1.4332)
- Cable declined drastically yesterday on rise in Brexit fears. It has closed at 1.44802 after making a high of 1.47239.
- GBP/USD has shown tumbled sharply after a telephonic poll conducted by polling firm ICM showed 45% of respondents favoured leaving EU compared to 42% wants to stay in EU.
- Technically cable has approached near two month trend line support and any break below confirms major trend reversal.
- Major trend line support is around 1.4440 and any break below will drag the pair down till 1.43320 (May 16th low)/1.4240.
- On the higher side resistance is around 1.4150 (21 day MA) and break above targets 1.4550/1.4600.Overall bearish invalidation only above 1.4740 (26 th May 2016 high).
It is good to sell below 1.4440 with SL around 1.4515 for the TP of 1.4330/1.4240
The material has been provided by InstaForex Company – www.instaforex.com