FxWirePro: GBP/USD key resistance level at 1.5240, bearish the short term
GBP/USD rebounded strongly in the early US session from 1.5121 to trade at 1.5180 levels. However, the cable is currently trading around 1.5177 levels with overbought condition and a decline towards 1.5080 levels can be …
GBP/USD rebounded strongly in the early US session from 1.5121 to trade at 1.5180 levels. However, the cable is currently trading around 1.5177 levels with overbought condition and a decline towards 1.5080 levels can be expected, as the pair has found renewed selling interest across the board ahead of tomorrow's non-farm payroll data, therefore it's good to sell this pair around 1.5180 levels.
To the upside, the strong resistance can be seen at 1.5444, a break above this level would expose the cable to next resistance level at 1.5501 levels.
To the downside immediate support can be seen at 1.5332, a break below at this level will open the door towards next level at 1.5290 (61.8% Retracement level). Recommendation: Go short below 1.5180, targets 1.5120, 1.5080, SL 1.5280
