FXWIREPRO: GBP/USD Faces Strong Resistance Around 1.4480, Good to Sell on Rallies
- Major resistance – 1.4480 (trend line joining 1.4663 and 1.4474)
- Major support -1.4350 (55 day EMA)
- Cable has retreated after making a high of 1.4450 level. It is currently trading around 1.43925.
- Short term trend is slightly bearish as long as resistance 1.44800 holds.
- Any break above 1.4480 will take the pair to next level around 1.4520/1.4580.
- On the lower side any break below 1.4350 will drag the pair till 1.4280/1.4200/1.4150 level.
- Short term bearish invalidation only if it closes above 1.4500 level.
It is good to sell on rallies around 1.4410-1.4420 with SL around 1.4480 for the TP of 1.4210/1.4155
The material has been provided by InstaForex Company - www.instaforex.com