FxWirePro: GBP/USD approaching support level at 1.5500, bearish in the short term

 

 

• GBP/USD approaching support level at 1.5500 (July 27^th lows), the cable is fell after Bank of England (BoE) released inflation report and just one out of 9 voted to revise interest rate. The cable is trading below resistance level at 1.5548, unless and till the cable trades below this level the trend for this pair remain bearish.

• Pull back in the range of 1.5540 should be viewed as advantage for selling opportunities.

• To the upside, the strong resistance can be seen at 1.5548 (61.8% Retracement level), 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 1.5500 (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 1.5540, targets 1.5500, 1.5470, SL 1.5630

Resistance Levels

R1: 1.5548 (61.8% Retracement level of 1.5683 and 1.5329)

R2: 1.5587 (July 13th high)

R3: 1.600 (July 27th high)

Support Levels

S1:1.5500 (July 27^th lows)             

S2:1.5460 (38.2 % Retracement Level)

S3:1.5450 (July 14^th lows)