GBP/USD slipped lower in the earlier US session to hit low around 1.5083 levels after US nonfarm payrolls printed positive figures at 210k which came better than forecasted figures at 200k.
- Currently the price action is trying to consolidate around 1.5100 levels, nevertheless short pullback towards 1.5080 levels should be viewed as buying opportunities as the support level at 1.5065 is set to hold the bears from declining further below and push the pair towards higher levels in the short term.
- Strong support can be seen at 1.5120, a break below this level will expose the pair towards next support level located at 1.5191.
- To the upside, the strong resistance can be seen at 1.5171, a break above this level would expose the cable to next resistance level at 1.5250.
- To the downside immediate support can be seen at 1.5118, a break below at this level will open the door towards next level at 1.5065.
Recommendation: Go long around 1.5080, targets 1.5150, 1.5200, SL 1.5000
Resistance Levels
R1: 1.5171 (38.2% Retracement level)
R2: 1.5237 (23.6% Retracement level)
R3: 1.5300 (Psychological levels)
Support Levels
S1: 1.5118 (50% Retracement level)
S2: 1.5065 (61.8% Retracement level)
S3: 1.4987 (Nov 30th lows)
