GBP/USD Medium Term outlook

FX:GBPUSD   British Pound / U.S. Dollar
301 1 2
GBP/USD             has recovered from 1.46336 till 1.5164 after dovish FOMC statement. But technically it is still looking weak as the pair not able to close above 1.5154-60 (20 day MA and Ichimoku cloud top).

Bearish invalidation can happen only if it closes above 1.5160.

On the downside minor support is around 1.4880 and any break below will drag the pair further down till 1.4805/1.4650 in short term

The pair’s short term resistance is around 1.5025 and break above would extend gains till 1.5085/1.5160.

It is good to sell on rallies for the target of 1.4650.

Indicators ( Daily chart )
CCI (50) - Sell
CCI (14) - Sell
CCI (14)-Sell

Recommendation: Sell GBP/USD             around 1.5000, SL 1.5161, Targets 1.4815/1.4655.
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