FxWirePro: Buy GBP/USD above 1.5580, bullish in the short term

 

 

• GBP/USD is approaching resistance levels at 1.5658 (38.2 % Retracement level), the cable is stronger against US Dollar in the short term, the cable is set to advance further towards 1.5650 levels and later towards 1.5700 levels.

• Pullback in the range 1.5580 should be viewed as advantage for buying opportunities, the cable should hold above 1.5650 levels in order to resume its bullish run. The support level at 1.5580 is set to hold the bears and push the  pair upwards.

• To the upside, the strong resistance can be seen at 1.5658(38.2 % Retracement level), a break above this level would expose to cable to next resistance level at 1.5700.

 

Recommendation: Go long above 1.5580, targets 1.5650, 1.5700, SL 1.5440

Resistance Levels

R1: 1.5658(38.2 % Retracement level)    

R2: 1.5707 (23.6% Retracement level)

R3: 1.5770 (June 26^th high)

Support Levels

S1:1.5615                                                            

S2:1.5580 (61.8% Retracement level of 1.5450 to 1.5786)

S3:1.5530 (July 21st low)