The GBP/USD slipped lower in the earlier European session, after failing to break resistance level located at 1.4905 and was further weighted down after dollar rose across the board in early US session following positive US GDP data.
- Currently the cable is trading around 1.4841 levels, it is set to decline further towards 1.4800 later towards 1.4750 levels in the short term.
- To the upside, the strong resistance can be seen at 1.4903, a break above this level would expose to cable to next resistance level at 1.4951.
- To the downside immediate support can be seen at 1.4824, a break below will open the door towards next level at 1.4800.
Recommendation: Go short around 1.4860, targets 1.4800, 1.4750, SL 1.4950
Resistance Levels
R1: 1.4859 (38.2% Retracement Level)
R2: 1.4903 (50% Retracement Level)
R3: 1.4951 (61.8% Retracement Level)
Support Levels
S1: 1.4824 (Session low)
S2: 1.4800 (23.6% Retracement Level)
S3: 1.4726 (March 29th lows)
