FxWirePro: GBP/USD key support at 1.5290, bullish in the short term

• The cable has turned back to trade around 1.5350 levels after reaching high at 1.5404 levels. Currently the cable is approaching fib 50% support level at 1.5330, below this level strong support lies at 1.5288, around this area, buying interest by investors is set to take place again and the pair is set to reach higher levels in the short term.

• To the upside, the strong resistance can be seen at 1.5404 (Sep 9^th high), a break above this level will send the cable to next resistance level at 1.5438.

• To the downside immediate support can be seen at 1.5330 (50% Retracement level) , a break below at this level will open the door towards next level at 1.5263 (Sep 2^nd low).

Recommendation: Go long above  1.5290, targets 1.5350, 1.5400, SL 1.5200

Resistance Levels

R1: 1.5375 (38.2% Retracement level)    

R2: 1.5404 (Sep 9^th high)               

R3: 1.5438 (Aug 28th high)

Support Levels

S1: 1.5330 (50% Retracement level)                        

S2: 1.5290 (61.8% Retracement level)

S3: 1.5263 (Sep 2^nd low)