GBP/USD Medium Term outlook

FX:GBPUSD   British Pound / U.S. Dollar
142 0 0
GBP/USD             has retreated till 1.46872 after making a high of 1.5164. Short term trend is bearish as long as 1.4950 (Support turned into resistance) holds.

Overall Bearish invalidation can happen only if it closes above 1.5160.

On the downside minor support is around 1.4680 and any break below will drag the pair further down till 1.4600/1.4475 in short term

The pair’s short term resistance is around 1.4950 and break above would extend gains till 1.5025/1.5100.

It is good to sell on rallies for the target of 1.4600.
Indicators (4 hourchart)

CCI (50) - Sell

CCI (14) - Sell

CCI (14)-Sell

Recommendation: Sell GBP/USD             around 1.4850, SL 1.4951, Targets 1.4681/1.4610.
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