Cable takes support near trend line,jump till 1.5815 is possible

•RES 4: 1.6080

•RES3: 1.6025 (100% projection of 1.4564 to 1.54997 from 1.50880)

•RES2: 1.5815 (161.8% retracement of 1.5746 and 1.5088)

•RES1: 1.5750 (161.8% retracement of 1.5497 and 1.50880)


PRICE: 1.57516 @ 05:46 GMT

•SUP1:1.5703 (34 day H EMA)

•SUP2: 1.5670 (23.6% retracement of 1.5768 and 1.5358)

•SUP3: 1.5630 (May 13th low)

•SUP 4: 1.5590 (23.6% retracement of 1.5088 and 1.5746)


GBP/USD has made high of 1.5746 and retreated till 1.5635 after BOE has revised down growth forecasts in its quarterly inflation reports. Short term trend is bullish as long support 1.5630 holds.
Technically GBP/USD major resistance around 1.5768 and any break will target 1.5815/1.6020 in short term.
Intraday minor support is 1.5670 and any weakness only below that level.
It is good to buy at dips around 1.5730 for the target of 1.5815/1.6000 with stop around 1.5670.