- 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)
R3: 1.5644 (July 3rd high)
Support Levels
S1: 1.5550
S2: 1.5498 (38.2% Retracement level)
S3: 1.5451


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