- GBP/USD retreated till 1.5485 in 2014 after making high of 1.71905. The medium term trend is bearish as long as resistance 1.6200 holds.
- On the upside break of 1.6200 would extend gain to 1.6337/1.6538 in short term.
- The major support is around 1.5480 and any break below will target 1.50/1.4815.
- The minor resistance are R1-1.5825, R2 1.6030, R3-1.6200.
Indicators (Weekly chart)
CCI (50) – Sell
CCI (14) – Sell
Recommendation: Sell GBP/USD around 1.5650, SL 1.5825, Targets 1.500/1.4815.
The material has been provided by InstaForex Company – www.instaforex.com