GBP/USD has made low of 1.5593 and recovered from that level. Short term trend is bullish as long as support 1.5600 holds.
GBP is trading higher on account of policy divergence of major central banks. BoE governor Mark Carney also said earlier this week that rate hike might happen earlier given the performance of the UK economy.
Technically Cable is facing strong resistance around 1.5650 and break above will extend gains till 1.5680/1.5750/1.5800.
On the downside it is weak below 1.5600. Short term bullish invalidation only below 1.5550.
It is good to buy at dips around 1.5650-55 with SL around 1.5595 for TP of 1.5750.
GBP is trading higher on account of policy divergence of major central banks. BoE governor Mark Carney also said earlier this week that rate hike might happen earlier given the performance of the UK economy.
Technically Cable is facing strong resistance around 1.5650 and break above will extend gains till 1.5680/1.5750/1.5800.
On the downside it is weak below 1.5600. Short term bullish invalidation only below 1.5550.
It is good to buy at dips around 1.5650-55 with SL around 1.5595 for TP of 1.5750.