GBP/USD Medium term outlook

FX:GBPUSD   British Pound / U.S. Dollar
319 0 3
GBP/USD             major support is around 1.4800 ( double bottom support) and any further weakness can be seen only below that level.

In weekly chart CCI (50) has formed bullish divergence and this indicates short term jump till 1.5135 cannot be ruled out.

On the downside any break below 1.4800 will confirm the continuation of bearishness. Below that it can reach till 1.4440/1.4200.

The pair’s minor resistance is around 1.4950 and any break above will extend gain till 1.5025/1.5100.

Recommendation: Buy GBP/USD             around 1.4860, SL 1.4790, targets 1.5025/1.5090.
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