FxWirePro: GBP/USD approaching support level at 1.5553, bullish in the short term

 

• The cable has retreated from daily highs at 1.5618 and is trading at 1.5584 levels. The pair is trying to test support level at 1.5553. Unless and until this pair trades above 1.5540 levels, trend of this pair remains bullish.

• Pull back in the range of 1.5550 should be viewed as advantage for buying opportunities.

• To the upside, the strong resistance can be seen at 1.5625 (23.6% Retracement Level), a break above this level would expose to cable to next resistance level at 1.5650 levels.

• To the downside immediate support can be seen at 1.5553 (Aug 11th Lows), a break below at this level will open the door towards next level at 1.5460 (61.8% Retracement level).

Recommendation: Go long above 1.5550, targets 1.5600, 1.5650, SL 1.5470

Resistance Levels

R1: 1.5593 (38.2% Retracement level)

R2: 1.5625 (23.6% Retracement Level)

R3: 1.650 (Aug 5^th high)

Support Levels

S1: 1.5553 (Aug 11th Lows)

S2: 1.5540 (61.8% Retracement level of 1.5690 and 1.5325)

S3: 1.5515 (Aug 10^th lows)