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.