FxWirePro: GBP/USD breaks resistance at 1.5740, Upside prevails in the short term

• GBP/USD broke resistance Level at 1.5740 and is bouncing above to reach the next resistance level at 1.5811.

• Markets are choppy as negotiations between Greece and its creditors failed with no solution in sight as if now, Time is running out for cash strapped Greek  to reach a deal by Tuesday, By paying 1.5billion Euro to IMF. Or else it runs into risk of going default which gradually may force Greece out of Eurozone.

• Later in the day Investors are looking forward to speech by BoE Governor Marke Carney to know  Bank of England's next monitory policy actions.

• Major resistance is seen at 1.5811, a break above at this level will open the door to 1.5856 level. To the downside,immediate support can be seen at 0.9277.

Recommendation: Go long above 0.7740, targets 0.7780, 0.7810, SL 0.7610

Resistance Levels

R1: 1.5778             

R2: 1.5811(61.8% Retracement level)     

R3: 1.5856

Support Levels

S1: 1.5717

S2: 1.5677 (June 25th lows)         

S3: 1.5625