FxWirePro: GBP/USD approaching support level at 1.5548, bearish in the short term

 

• GBP/USD approaching support level at 1.5548 (38.2% Retracement level), the cable is trading below resistance level at 1.5625 and, unless and till the cable trades below this level the trend for this pair remains bearish.

• Pull back in the range of 1.5590 should be viewed as advantage for selling opportunities.

• To the upside, the strong resistance can be seen at 1.5601 (61.8% Retracement level), a break above this level would expose to cable to next resistance level at 1.5640 (July 30th high).

• To the downside immediate support can be seen at 1.5548 (38.2% Retracement level), a break below at this level will open the door towards next level at 1.5526 (July 28^th lows).

Recommendation: Go short below 1.5580, targets 1.5530, 1.5470, SL 1.5670

Resistance Levels

R1: 1.5573 (July 23^rd high)

R2: 1.5601 (61.8% Retracement level of 1.5686 and 1.5463)

R3: 1.5641 (July 30th high)

Support Levels

S1:1.5548 (38.2% Retracement level)     

S2:1.5526 (July 28^th lows)

S3:1.5490 (July 27^th lows)