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Short

GBP/USD faces strong resistance at 1.469,good to sell on rallies

FX:GBPUSD   Pound Sterling/U.S. Dollar
257 0 3
Candle stick pattern formed – Shooting Star

Major resistance -1.4690 (55 day MA)

The pair has declined after making a high of 1.4648.It is currently trading around 1.45735.

On the lower side minor support is around 1.4545 and any break below targets 1.4500/1.4450/1.43750.

Any break above major resistance will take the pair to next level around 1.4750/1.4795.

The minor resistance are around 1.4600/1.4650.

Market awaits BOE’S Super Thursday which happens once in a quarter today for further direction. Today three major events happening in U.K namely BOE Monetary policy statement, inflation report and release of policy minutes. BOE Governor is expected to make a dovish comment and there will not be any interest rate hike this year .

It is good to sell on rallies around 1.4575-580 with SL around 1.4690 for the TP of 1.4325/1.4240.
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