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GBP/USD Trade Idea

Friday, January 29, 2016 11:18 AM UTC

Pattern formed- Channel pattern
Major resistance - 1.4420 (trend line joining 1.43626 and 1.4407)
Major support -1.4260 (trend line joining 1.4079 and 1.4170)
The pair has made a high of 1.4413 and started to decline from that level. It is currently trading around 1.43630.
On the higher side any break above 1.4420 will take the pair to next level around 1.4450/1.4500.
Cable is facing short term support around 1.4350 and break below will drag the pair further down till 1.4300/1.4270/1.4250 level.

It is good to sell on rallies around 1.4365-1.4370 with SL around 1.4420 for the TP of 1.427

R1-1.4420

R2-1.4450

R3-1.4500

Support

S1-1.4300

S2-1.4270

S3- 1.4250

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GBP/USD Trade Idea

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