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GBP/USD has gained some ground on dollar to trade around 1.5097 levels in the early US session after finding support at 1.5052 levels.
- The ongoing weakness is set to continue for this pair as the resistance level at 1.5182 is likely to act as strong barrier to the bears and bring a further decline towards lower levels, therefore its good to sell this pair around 1.5120 levels.
- To the upside, the strong resistance can be seen at 1.5229, a break above this level would expose the cable to next resistance level at 1.5280.
- To the downside immediate support can be seen at 1.5088, a break below at this level will open the door towards next level at 1.5055.
Recommendation: Go short below 1.5120, targets 1.5050, 1.4950, SL 1.5220
Resistance Levels
R1: 1.5124 (Daily high)
R2: 1.5182 (23.6% Retracement level)
R3: 1.5261 (Nov 18th high)
Support Levels
S1: 1.5088 (38.2% Retracement level)
S2: 1.5055 (Daily lows)
S3: 1.5010(50% Retracement level)
