FxWirePro: GBP/USD approaching support level at 1.5550, bullish in the short term

 

• GBP/USD approaching support level at 1.5550, currently the cable is trading around 1.5570 levels, the resistance level at 1.5550 is set to hold the bears, and bring another rebound sooner or later. Pull back in the range of 1.5560 should be viewed as advantage for buying opportunities.

• To the upside, the strong resistance can be seen at 1.5603(38.2 Retracement level), a break above this level would expose to cable to next resistance level at 1.5635 (23.6% Retracement level).

• To the downside immediate support can be seen at 1.5582 (Aug 1^st lows) , a break below at this level will open the door towards next level at 1.5550.

Recommendation: Go long above 1.5550, targets 1.5600, 1.5630, SL 1.5490

Resistance Levels

R1: 1.5603(38.2 Retracement level)

R2: 1.5635 (23.6% Retracement level)

R3: 1.5675 (July 31st high)

Support Levels

S1:1.5582 (Aug 1^st lows)

S2:1.5550 (61.8% Retracement level of 1.5462 and 1.5688)

S3:1.5526(July 28^th lows)