>The Sterling has continued to decline against the US dollar after it failed close above 1.5240 yesterday. Currently the pair is attempting to break support level located 1.5122 and reach next support level located at 1.5044. The Cable has to close above resistance which is located at 1.5350 in order find any bullish momentum, unless until the trend remains bearish for this pair. Therefore it's good to sell below 1.5160 levels.
>To the upside, the strong resistance can be seen at 1.5254 (50 % Retracement Level), a break above this level would expose to cable to next resistance level at 1.5352 (61.8 % Retracement Level).
>To the downside immediate support can be seen at 1.5122, a break below at this level will open the door towards next level at 1.5044.
Recommendation: Go short below 1.5160, targets 1.5100, 1.5060, SL 1.5250
Resistance Levels
R1: 1.5163 (38.2 % Retracement Level)
R2: 1.5254 (50 % Retracement Level)
R3: 1.5352 (61.8 % Retracement Level)
Support Levels
S1: 1.5122 (Sep 29th lows)
S2: 1.5044 (23.6% Retracement Level)
S3: 1.4950 (Jan 1st lows)
