GBP/USD has rebounded after hitting support level at 1.5126. The cable is currently trading around 1.5364 levels with oversold condition and a pullback towards 1.5400 levels can be expected. The currency pair is set to flatter below 1.5400 levels and move towards 1.5350 and later towards 1.5300 levels, as GPB/USD has found renewed selling interest off late, therefore it's good to buy this pair around 1.5130 levels.
- To the upside, the strong resistance can be seen at 1.5170 (61.8% Retracement level), a break above this level would expose the cable to next resistance level at 1.5240 levels.
- To the downside immediate support can be seen at 1.5126 (Oct 3rd lows), a break below at this level will open the door towards next Retracement level at 1.5107.
Recommendation: Go short below 1.5400, targets 1.5350, 1.5300, SL 1.5470
Resistance Levels
R1: 1.5380 (Oct 9th high)
R2: 1.5408 (50% Retracement level)
R3: 1.5465 (61.8% Retracement level)
Support Levels
S1: 1.5350 (Oct 3rd lows)
S2: 1.5305 (Oct 23rd lows)
S3: 1.5280 (23.6% Retracement level)
