FxWirePro: GBP/USD approaching support level at 1.5496, bearish in the short term

 

• The cable has retreated from daily lows at 1.5452 and is trading at 1.5501 levels. Currently GBP/USD is approaching to break support level at 1.5496 level. Unless and until this pair trades below 1.5545 levels, trend of this pair remains bearish.

• Pull back in the range of 1.5530 should be viewed as advantage for selling opportunities.

• To the upside, the strong resistance can be seen at 1.5585 (July 13^th high), a break above this level would expose to cable to next resistance level at 1.5600 levels.

• To the downside immediate support can be seen at 1.5496 (July 27^th lows), a break below at this level will open the door towards next level at 1.5460 (38.2 % Retracement Level).

Recommendation: Go short below 1.5530, targets 1.5490, 1.5450, SL 1.5630

Resistance Levels

R1: 1.5531 (61.8% Retracement level of 1.5690 and 1.5325)

R2: 1.5585 (July 13^th high)

R3: 1.650 (Aug 5^th high)

Support Levels

S1:1.5496 (July 27^th lows) 

S2: 1.5460 ((38.2% Retracement level)

S3: 1.5411 (23.6% Retracement Level)