FxWirePro: GBP/USD approaching to test support level at 1.5550, sell deals are recommended

 

• GBP/USD is approaching to test support level at 1.5550, the pair is set to fall further towards 1.5500 and 1.5480 level in the short term. GBP is weak against US dollar in the short term, due to broader demand for the Greenback.

• The cable is trading at 1.5570 levels, immediate support can be seen at 1.5550. A break below this level will expose the pair to next support level at 1.5498.

• Major resistance can be found at 1.5603, a break above this level will expose the cable towards 1.5650 levels.   

Recommendation: Go short below 1.5580, targets 1.5540, 1.5500, SL1.5670.

Resistance Level

R1: 1.5603 (61.8% Retracement level of 1.5769 to 1.5330)                             

R2: 1.5629 (July 14^th high)             

R3: 1.5644 (July 3^rd high)

Support Levels

S1: 1.5550

S2: 1.5498 (38.2% Retracement level)    

S3: 1.5451