GBPUSD Trade Idea

Major resistance - 1.5250 Cable is trading between 1.4945 and 1.4805 for the Past two weeks. Short term trend is still weak as long as resistance 1.5250 holds. The pair has made a low of 1.4805 (22nd Dec 2015) and started to recover from that level. Short term resistance is around 1.5100 and break above targets 1.5160/1.5240. Overall bearish invalidation only above 1.5250. On the downside major support is around 1.4800 and break below will drag the pair down till 1.4720/1.4650/1.4560 level.

It is good to sell on rallies around 1.5100 with SL around 1.5250 for the TP of 1.4720/1.4630/1.4560

S3 S2 S1 R1 R2 R3
1.5630 1.5720 1.5800 1.4950 1.5100 1.5250

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