- GBP/USD recovered some ground today in mid European session after hitting strong support at 1.5209 levels. The cable is currently trading with oversold condition and a recovery towards higher levels can be expected. The currency pair is still trading below the downward trend line and pivot point located at 1.5235, therefore any raise near resistance level at 1.5300 should be viewed as selling opportunities.
- To the upside, the strong resistance can be seen at 1.5261, a break above this level would expose the cable to next resistance level at 1.5301.
- To the downside immediate support can be seen at 1.5222, a break below at this level will open the door towards next level at 1.5164 (23.6% Retracement level).
Recommendation: Go short below 1.5260, targets 1.5200, 1.5160, SL 1.5400
Resistance Levels
R1: 1.5261 (50% Retracement level)
R2: 1.5301 (61.8% Retracement level)
R3: 1.5325 (Sep 2 high)
Support Levels
S1: 1.5222 (38.2% Retracement level)
S2: 1.5164 (23.6% Retracement level)
S3: 1.5141 (June 5th high)
