Major support – 1.4440 (trend line joining 1.40053 and 1.4332)
Cable declined drastically yesterday on rise in Brexit fears. It has closed at 1.44802 after making a high of 1.47239.
GBP/USD has shown tumbled sharply after a telephonic poll conducted by polling firm ICM showed 45% of respondents favoured leaving EU compared to 42% wants to stay in EU.
Technically cable has approached near two month trend line support and any break below confirms major trend reversal.
Major trend line support is around 1.4440 and any break below will drag the pair down till 1.43320 (May 16th low)/1.4240.
On the higher side resistance is around 1.4150 (21 day MA) and break above targets 1.4550/1.4600.Overall bearish invalidation only above 1.4740 (26 th May 2016 high).
It is good to sell below 1.4440 with SL around 1.4515 for the TP of 1.4330/1.4240
Cable declined drastically yesterday on rise in Brexit fears. It has closed at 1.44802 after making a high of 1.47239.
GBP/USD has shown tumbled sharply after a telephonic poll conducted by polling firm ICM showed 45% of respondents favoured leaving EU compared to 42% wants to stay in EU.
Technically cable has approached near two month trend line support and any break below confirms major trend reversal.
Major trend line support is around 1.4440 and any break below will drag the pair down till 1.43320 (May 16th low)/1.4240.
On the higher side resistance is around 1.4150 (21 day MA) and break above targets 1.4550/1.4600.Overall bearish invalidation only above 1.4740 (26 th May 2016 high).
It is good to sell below 1.4440 with SL around 1.4515 for the TP of 1.4330/1.4240