FxWirePro: Buy GBP/USD above 1.5470, bullish in the short term

 

 

• GBP/USD fell back to test daily support level at 1.5493, The support level at 1.5493 is set to hold the bears and push the pair to higher levels in the coming days.  The economic data set to be released from UK is very few this week, apart from UK GDP figures which is set to be released on Tuesday.

• Pull back in the range of 1.5460 should be viewed as advantage for buying opportunities , the support level at 1.5460 is set to hold the bears and push the pair to higher levels.

• To the upside, the strong resistance can be seen at 1.5542 (61.8% Retracement level), a break above this level would expose to cable to next resistance level at 1.5591 (38.2% Retracement level).

 

Recommendation: Go Long above 1.5470, targets 1.5530, 1.5560, SL 1.5400

Resistance Levels

R1: 1.5542 (61.8% Retracement level)

R2: 1.5567 (20 SMA)

R3: 1.5591 (38.2% Retracement level)

Support Levels

S1:1.5500                            

S2:1.5491 (July 27^th lows)

S3:1.5465 (July 24^th lows)