FxWirePro: GBP/USD key resistance at 1.5254, bearish in the short term
The Sterling has inched higher towards 1.5164 against the greenback, initially the pair hit as low as 1.5123 levels earlier in European session. However, after short buying interest the pair has inched upwards towards 1.…
The Sterling has inched higher towards 1.5164 against the greenback, initially the pair hit as low as 1.5123 levels earlier in European session. However, after short buying interest the pair has inched upwards towards 1.5166 levels.
Further upside should be limited as the pair finds strong resistance at 1.5254 levels, therefore its good to sell this pair on rallies.
US Retail Sales and bunch of other macroeconomic data is due from the upcoming American session.
Currently the cable is trading around 1.5165 levels, it is set to decline further towards 1.5120 and later towards 1.5000 levels in the short term.
To the upside, the strong resistance can be seen at 1.5254, a break above this level would expose to cable to next resistance level at 1.5300.
To the downside major support can be seen at 1.5116, a break below will open the door towards next level at 1.5061.
Recommendation: Go short below 1.5200, targets 1.5100, 1.5000, SL 1.5255
