FxWirePro: GBP/USD key support at 1.5480, further bullish bias persists

>The cable has rebounded strongly from 1.5500 levels, after UK retail data was released from UK in mid European session. Currently cable has broken resistance level 1.5525 and is inching towards higher levels ahead of FOMC meeting. The US dollar is trading broadly lower against most of major currencies ahead of the interest rate announcement from Fed.

>To the upside, the strong resistance can be seen at 1.5572, a break above this level would expose the cable to next resistance level at 1.5627.

>To the downside immediate support can be seen at 1.5480 (61.8% Retracement level), a break below at this level will open the door towards next level at 1.5430 levels.

Recommendation: Go long above 1.5470, targets 1.5570, 1.5650, SL 1.5400

Resistance Levels

R1:  1.5550 (Sep 17th high)

R2: 1.5572 (38.2% Retracement level)

R3: 1.5627 (23.6% Retracement level)

Support Levels

S1: 1.5480 (61.8% Retracement level)

S2: 1.5430 (Sep 9th lows)

S3: 1.5400 (Psychological level)