GBP/USD has cleared major resistance 1.5630 after the release of better than expected Lending and Mortgage Approvals data of UK.
The pair has broken major resistance, i.e 1.5630. The break above this level would extend gains till 1.5670, the next resistance, and the second resistance 1.5745 in the short term.
Until there is a break below 1.5600 level, the market seems to be bullish in the GBP/USD.
If there is a break below 1.5600, then the pair can go downwards till next support 1.5580, and again, if it breaks that, the next support will be 1.5500.
A potential trade set-up can be seen here:
A buy above 1.5670 with a stop loss around 1.5580 and target around 1.5745 can be seen.
Alternatively, a sell below 1.5600 with a stop above 1.5630 and target around 1.5500 can be seen.
Important levels which can be seen:
Resistance:
1.5670
1.5745
Support:
1.5580
1.5500
1.5450