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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,…

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  • 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            

 

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