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GBP/USD Trade idea

  • Major resistance - 1.4265 (trend line joining 1.46680 and 1.45780 and 200 day 4H MA)
     
  • The pair has retreated after making a high of 1.4248. It is currently trading around 1.41930.
     
  • Short term trend is slightly weak as long as resistance 1.4260 holds.
     
  • On the lower side minor support is around 1.4175 and break below targets 1.4100/1.4045.
     
  • Any break above trend line resistance confirms minor trend reversal, a jump till 1.4300/1.4400 is possible.

It is good to sell on rallies around 1.4175-4180 with SL around 1.4265 for the TP of 1.4045/1.4000

R1-1.4180

 R2-1.4265

R3-1.4300

Support

S1-1.4100

S2-1.4040

S3-1.4000

 

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