GBP/USD trades well above 1.4700, targets 1.4800/1.4870

FX:GBPUSD   British Pound / U.S. Dollar
145 0 5
Major resistance – 1.4670 (Feb 4th high 2016)

Major support – 1.4450 (resistance turned into support)

Cable has broken major resistance 1.4670 and jumped till 1.47403 at the time of writing. It is currently trading at 1.4733.

Short term trend is bullish as long as support 1.4650 (1 hour Kijun-Sen) holds. On the higher side major resistance is around 1.4750(161.8% retracement of 1.46388 and 1.44729) and break above targets 1.4800/1.4870 levels.

On the lower side major support is around 1.4650 and break below targets 1.4600/1.4570 level.

It is good to buy at dips around 1.4720-25 with SL around 1.4650 for the TP of 1.4800/1.4870.

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