FxWirePro: GBP/USD approaching resistance level at 1.5648, upside prevails in the short term

 

• The cable has rebounded after hitting support level at 1.5602 and is moving towards higher range. The pair is trying approaching to test resistance level at 1.5648, a breakout at the said resistance level will unleash a strong bullish momentum which may pull it all the way towards 1.6772 (June 30th high)

• Pull back in the range of 1.5580 should be viewed as advantage for buying opportunities.

• To the upside, the strong resistance can be seen at 1.5648 (Aug 8th high), a break above this level would expose to cable to next resistance level at 1.5675 (23.6% Retracement Level).

• To the downside immediate support can be seen at 1.5603 (38.2% Retracement level), a break below at this level will open the door towards next level at 1.5545 (50% Retracement level).

Recommendation: Go long above 1.5580, targets 1.5640, 1.5680, SL 1.5490

Resistance Levels

R1: 1.5648 (Aug 8th high)

R2: 1.5675 (23.6% Retracement Level)

R3: 1.6772 (June 30th high)

Support Levels

S1: 1.5603 (38.2% Retracement level)

S2: 1.5545 (50% Retracement level)

S3: 1.5492 (61.8% Retracement level of 1.5310 and 1.5786)