GBP/USD declined in the earlier session to hit low at 1.5122 levels. However, the pair has recovered to trade around 1.51150 levels in the early US session.
- Currently the price action is trying to consolidate above 1.5142 61% fib levels, nevertheless short pullback towards 1.51200 levels should be viewed as selling opportunities as the resistance level at 1.51215 is set to hold the bulls from advancing further above and push the pair towards lower levels in the short term. Therefore, it's good to sell this pair around 1.5200 levels.
- Strong support can be seen at 1.5218, a break below this level will expose the pair towards next support level located at 1. the upside, the strong resistance can be seen at 1.5218, a break above this level would expose the cable to next resistance level at 1.5240.
- To the downside immediate support can be seen at 1.5143, a break below at this level will open the door towards next level at 1.5089.
Recommendation: Go short below 1.5200, targets 1.5140, 1.5080, SL 1.5280
Resistance Levels
R1: 1.5180 (50% Retracement level)
R2: 1.5218 (38.2% Retracement level)
R3: 1.5240 (Nov 17th high)
Support Levels
S1: 1.5143 (61.8% Retracement level)
S2: 1.5089 (Nov 11th lows)
S3: 1.5022 (Nov 6th lows)
