FxWirePro: GBP/USD key resistance level at 1.5688, bullish in the short term

 

• The cable has broken resistance at 1.5629 and is moving towards higher range. The pair is trying approaching to test resistance level at 1.5658, a breakout at the said resistance level will unleash a strong bullish momentum which may pull it all the way towards 1.6725 (23.6% Retracement Level).

• Pull back in the range of 1.5620 should be viewed as advantage for buying opportunities.

• To the upside, the strong resistance can be seen at 1.5688 (38.2 % Retracement Level), a break above this level would expose to cable to next resistance level at 1.5725 (23.6% Retracement Level).

• To the downside immediate support can be seen at 1.5629 (61.8% Retracement Level), a break below at this level will open the door towards next level at 1.5603 (Aug 13^th Lows).

Recommendation: Go long above 1.5610, targets 1.5650, 1.5680, SL 1.5490

Resistance Levels

R1: 1.5659 (50% Retracement Level)

R2: 1.5688 (38.2 % Retracement Level)

R3: 1.5725 (23.6% Retracement Level)

Support Levels

S1: 1.5629 (61.8% Retracement Level)

S2: 1.5603 (Aug 13^th Lows)

S3: 1.5575 (Aug 13^th lows)