Cable is trading above 1.5520,weakness only below 1.5480

FX:GBPUSD   British Pound / U.S. Dollar
214 0 3
•RES4: 1.5745 (161.8% retracement of 1.5497 and 1.5080)

•RES3: 1.5675

•RES2: 1.5620 (61.8% projection of 1.5089-1.5523 measuring from 1.5355)

•Res1:1.5585 ( 38.2% retracement of 1.7166 and 1.45648)

PRICE: 1.5557@ 05:48 GMT            

•SUP1:1.5560 (20 day HMA )

•SUP 1: 1.5519 (Resistance turned into support)

•SUP 2: 1.5480 (23.6% retracement of 1.5088 and 1.56119)

•SUP 3:1.5392 (May 11th low)

GBP/USD             has made high of 1.5611 and retreating from that level. Short term trend is bullish as long support 1.5480 holds.

Technically GBP/USD             major resistance around 1.5620 and any break will target 1.5680/15745 in short term.

It is good to buy at dips around 1.5550 for the target of 1.5620/1.5740 with stop around 1.5480.

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