FxWirePro: GBP/USD key resistance at 1.5351, bearish in the short term

The cable has continuously declined in the past four sessions to test new lows, having broken 38.2 fib retracement levels, GBP/USD is still under downward pressure and is set to fall further down below.

• Currently the cable is trading around 1.5295 levels, it is set to decline further towards 1.5250 later towards 1.5200 levels in the short term.

• To the upside, the strong resistance can be seen at 1.5351 (23.6% Retracement level), a break above this level would expose to cable to next resistance level at 1.5438 levels.

• To the downside immediate support can be seen at 1.5261 (50% Retracement level), a break below at this level will open the door towards next level at 1.5218.

Recommendation: Go short below 1.5300, targets 1.5250, 1.5220, SL 1.5400

Resistance Levels

R1: 1.5301 (38.2% Retracement level)    

R2: 1.5351 (23.6% Retracement level)    

R3: 1.5438 (Aug 31st high)

Support Levels

S1: 1.5261 (50% Retracement level)                        

S2: 1.5218 (61.8% Retracement level)

S3: 1.5188 (June 5th high)