GBP/USD Breaks Major Support 1.4250, Decline Till 1.4100 Is Possible

GBP/USD Breaks Major Support 1.4250, Decline Till 1.4100 Is Possible

5 April 2016, 10:17
Roberto Jacobs
0
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GBP/USD Breaks Major Support 1.4250, Decline Till 1.4100 Is Possible

  • Major resistance – 1.43200 (4H Kijun-Sen line) 
  • Major Support - 1.4250 
  • The cable has made a high of 1.43215 and declined from that level. It is currently trading around 1.4328. 
  • The pair has broken major support and 1.4250 and declined till 1.42250 level. Short term trend is still weak as long as resistance 1.4320 holds. 
  • Any break above 1.4320 will take the pair 1.4380/1.4400. The pair should close above 1.4400 for further bullishness. 
  • On the lower side any break below 1.4250 will drag the pair further down till 1.4170/1.4100.

It is good to sell on rallies around 1.4250-1.4255 with SL around 1.4320 for the TP of 1.4170/1.4100

The material has been provided by InstaForex Company - www.instaforex.com

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