GBPUSD - Rising trend line intact

27 apr 2016

Resistance – 1.4617-1.4639, 1.4669, 1.47

Support – 1.4578-1.4568, 1.4519, 1.4472

• Cable’s sideways action around key support at 1.4578 amid rising channel formation on hourly chart indicates room for another attempt at 1.4617-1.4638.
  

• A rebound from rising channel support could trigger a quick fire rise to 1.4617-1.4638 levels.
  

• Conversely, a break below rising channel support would expose hourly 50-MA support now seen at 1.4519.
  

• Overall, bullish invalidation is seen only if larger rising trend line support is breached.