Cable faces strong resistance around 1.5580, targets 1.5400
GBP/USD formed a top at 1.5585 and declined from that level. Overall trend is still weak as long as temporary top 1.5585 holds.
In 4 hours chart cable has formed gravestone doji and this confirms short term weakness, a decline till 1.5400 cannot be ruled out .
On the higher side minor resistance is around 1.5535 and break above would extend gains till 1.5580/1.5630.
It is good to sell on rallies around 1.5500 with SL around 1.5535 for the TP of 1.5405.
In 4 hours chart cable has formed gravestone doji and this confirms short term weakness, a decline till 1.5400 cannot be ruled out .
On the higher side minor resistance is around 1.5535 and break above would extend gains till 1.5580/1.5630.
It is good to sell on rallies around 1.5500 with SL around 1.5535 for the TP of 1.5405.