The Sterling rebounded strongly against US dollar from 1.5367 levels, reaching daily high at 1.5419 levels in todays' European session. An attempt was made by bulls to breach 1.5419 support level in the late mid European session, however the attempt was unsuccessful as the bears pulled the pair towards lower levels in the early US session.The résistance level at 1.5419 is likely to act as strong barrier to the bulls and bring a decline towards lower levels, therefore its good to sell this pair around 1.5400 levels.
- To the upside, the strong resistance can be seen at 1.5419, a break above this level would expose the cable to next resistance level at 1.5470.
- To the downside immediate support can be seen at 1.5350, a break below at this level will open the gates towards 1.5200 levels.
Recommendation: Go short below 1.5400, targets 1.5350, 1.5300, SL 1.5510
Resistance Levels
R1: 1.5419 (Daily high)
R2: 1.5467 (61.8% Retracement level)
R3: 1.5505 (Oct22nd high)
Support Levels
S1: 1.5350 (38.2% Retracement level)
S2: 1.5281 (23.6% Retracement level)
S3: 1.5200 (Oct 13th lows)
