FxWirePro
Short

GBP/USD is trading weak, market awaits UK election

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
247 0 3
•RES4: 1.5585 ( 38.2% retracement of 1.7166 and 1.45648)

•RES3: 1.55512 (Feb 26th high)

•RES2: 1.5358 ( 61.8% retracement of 1.5497 and 1.5133)

•RES1: 1.5254 (Kijun-Sen)

PRICE: 1.5167@ 06:04 GMT            

•SUP 1: 1.5106 ( Bollinger lower band)

•SUP 2: 1.5030 (Tenken-Sen)

•SUP 3:1.54920 ( 61.8% retracement of 1.45648 and 1.5497)

•SUP4: 1.54855 ( Apr             21st low)

GBP/USD             has formed double top around 1.5500 and retreated from that level. This confirms it has formed temporary top around 1.5500 and any further bullishness only above that level.

On the upside major resistance is around 1.5260. Any break above will take the pair till 1.5360/1.5500.

On the downside minor support is around 1.5100 and weakness can be seen below that level.

It is good to sell on rallies around 1.5170 for the target of 1.5000 with stop around 1.5260.





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