GBP/USD Breaks Major Support at 1.43650, Decline Till 1.4240 Is Possible

GBP/USD Breaks Major Support at 1.43650, Decline Till 1.4240 Is Possible

16 May 2016, 11:15
Roberto Jacobs
0
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GBP/USD Breaks Major Support at 1.43650, Decline Till 1.4240 Is Possible

  • Major support – 1.4367 (200 day 4H MA) 
  • Major resistance – 1.4450 (55 day 4 H EMA) 
  • Cable has broken major support 1.4367 and declined till 1.4342. It is currently trading around 1.4354. 
  • On the lower side any break below 1.4365 will drag the pair down till 1.4300/1.4270. 
  • The pair’s minor resistance is around 1.4400 (4H Tenken-Sen) and any break above targets 1.4450/1.4530 level. 
  • Overall bearish invalidation only above 1.4600.

It is good to sell on rallies around 1.4365-1.4370 with SL around 1.4410 for the TP of 1.4300/1.4240

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