GBP/USD has rebounded modestly after hitting support level at 1.4600. The cable is currently trading around 1.4623 levels with oversold condition and a pullback towards 1.4640 levels can be expected.
- The pair is set to decline further towards 1.4580 later towards 1.4500 levels in the short term as the US dollar is stronger across the board against the Sterling ahead of FOMC meetings.
- To the upside, the strong resistance can be seen at 1.4669, a break above this level would expose the cable to next resistance level at 1.4724 levels.
- To the downside immediate support can be seen at 1.4600, a break below at this level will open the door towards next retracement level at 1.4553.
Recommendation: Go short around 1.4640, targets 1.4580, 1.4500 SL 1.4780
Resistance Levels
R1: 1.4669 (38.2% Retracement level)
R2: 1.4724 (50% Retracement level)
R3: 1.4780 (61.8% Retracement level)
Support Levels
S1: 1.4600 (23.6% Retracement level)
S2: 1.4553 (April 12th low)
S3: 1.4500 (Psychological levels)
