Trade77; GBPUSD is Still Above 1.5350 7am

Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

Cable is still above 1.5350 which is a great support level and also daily 200sma showed the same level and has empowered this support area.

In the figure above you can see that we have got daily trendline #1 on the way to the upside and I think Cable needs more strength to break above this trendline.
Meanwhile 200sma on H4 has held the price too, so I want to name 1.5630-1.5685 as possible resistant area. If price breached 1.5685 and closed above this level then I will look for 1.5830 and the ultimate level it could go is 1.6000.

For the selling action I like to go short below 1.5350 or around 1.5830. I really expect breaking of 1.5350 would make great pips to the downside.

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Kindest Regards

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