GBP/USD key support at 1.5156, bullish in the short term
GBP/USD inched higher against US dollar by hitting daily highs at 1.5244 during early European hours, before pulling backwards after the comments from Feds central banker’s yellen, evens, and bullard in US session. The pair has held above 1.5200 levels indicating short term buying interest across the board. Currently the pair is trading around 1.5218 levels above daily pivot point located at 1.5182 and is supported by a raising trend line.
Technically in the 4 hour chart the 55, 30 and 20 MA is turning upwards from the current price action, the RSI is indicating towards upside at 57.
To the upside, the strong resistance can be seen 1.5281, a break above this level would expose the cable to next resistance level at 1.5336.
To the downside immediate support can be seen at 1.5156, a break below at this level will open the door towards next level at 1.5027.
Recommendation: Go long around 1.5180/1.5200, targets around 1.5280/1.5300, SL 1.5120
Support levels: 1.5156 1.5084 1.5025
Resistance levels: 1.5222 1.5281 1.5336
Technically in the 4 hour chart the 55, 30 and 20 MA is turning upwards from the current price action, the RSI is indicating towards upside at 57.
To the upside, the strong resistance can be seen 1.5281, a break above this level would expose the cable to next resistance level at 1.5336.
To the downside immediate support can be seen at 1.5156, a break below at this level will open the door towards next level at 1.5027.
Recommendation: Go long around 1.5180/1.5200, targets around 1.5280/1.5300, SL 1.5120
Support levels: 1.5156 1.5084 1.5025
Resistance levels: 1.5222 1.5281 1.5336