FxWirePro: Buy GBP/USD above 1.5552, bullish in the short term

 

 

 

• GBP/USD approaching support level at 1.5541 (23.6 % Retracement level), the support level at 1.5541 is set to hold the bears and push the pair to higher levels in the short term.

• UK GDP figures came in line with expectations at 2.6% released earlier in the European session. Pull back in the range of 1.5550 should be viewed as advantage for buying opportunities.

• To the upside, the strong resistance can be seen at 1.5615 (July 28^th high), a break above this level would expose to cable to next resistance level at 1.5650 (July 22^nd high).

• To the downside immediate support can be seen at 1.5542 (38.2% Retracement level), a break below at this level will open the door towards next level at 1.5500 (July 27^th lows).

 

Recommendation: Go long above 1.5550, targets 1.5600, 1.5630, SL 1.5440

Resistance Levels

R1: 1.5591 (23.6 % Retracement level)

R2: 1.5615 (July 28^th high)

R3: 1.5650 (July 22^nd high)

Support Levels

S1:1.5542 (38.2% Retracement level)     

S2:1.5500 (July 27^th lows)

S3:1.5460 (61.8% Retracement level)