FxWirePro: GBP/USD Takes Support Near 1.4600 Handle, Good to Buy at Dips

FxWirePro: GBP/USD Takes Support Near 1.4600 Handle, Good to Buy at Dips

2 May 2016, 10:57
Roberto Jacobs
0
20

FxWirePro: GBP/USD Takes Support Near 1.4600 Handle, Good to Buy at Dips

  • Major resistance – 1.4670 (Feb 4th high 2016) 
  • Major support – 1.4450 (resistance turned into support) 
  • Cable has reached Feb 4th high and slightly declined from that level. It is currently trading at 1.46057. 
  • The movement is expected to range bound for the day as U.K market remain closed today in observance of May Day. 
  • Short term trend is bullish as long as support 1.4570 (Kijun-Sen) holds. On the higher side major resistance is around 1.4670 (Feb 4th high) and break above targets 1.47000/1.4755/1.4800 levels. 
  • On the lower side major support is around 1.4570 and break below targets 1.4530/1.4490 level.

It is good to buy at dips around 1.4535 with SL around 1.4450 for the TP of 1.4668/1.4755.

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