FxWirePro: GBP/USD key resistance at 1.5482, further bullish bias persists

>The Sterling has rebounded strongly against US dollar from 1.5571 levels, reaching 3-week high levels. An attempt was made by bears to breach 1.5571 support level in the late Asian session, however the attempt was unsuccessful as the bulls pulled the pair towards higher levels in the European session.

>Currently the pair is trading in overbought condition and is approaching to test support level located at 1.5600. The support level at 1.5600 is likely to act as strong barrier to the bears and bring a rebound towards higher levels, therefore its good to buy this pair around 1.5600 levels.

>To the upside, the strong resistance can be seen at 1.5660, a break above this level would expose the cable to next resistance level at 1.5720 (Aug 26th high).

>To the downside immediate support can be seen at 1.5600, a break below at this level will open the door towards next level at 1.5572 (61.8% Retracement level) .

Recommendation: Go long above 1.5600, targets 1.5640, 1.5670, SL 1.5510

Resistance Levels

R1:  1.5630 (38.2% Retracement level)

R2: 1.5660 (23.6% Retracement level)

R3: 1.5720 (Aug 26th high)

Support Levels

S1: 1.5600 (50% Retracement level)

S2: 1.5572 (61.8% Retracement level)

S3: 1.5556 (Sep 18th lows)