GBP/USD has lost some ground to dollar to trade around 1.5187 levels in the early US session after slipping from 1.5244 levels in the early European session. The cable is currently trading in oversold condition and a rebound towards higher levels can be expected sooner or later. The pair is supported by raising trend line in 4 hours chart and is trading above daily pivot point located at 1.5180, therefore it's good to buy this pair around 1.5180 levels.
- To the upside, the strong resistance can be seen at 1.5245 (Nov 12th high), a break above this level would expose the cable to next resistance level at 1.5300 levels.
- To the downside immediate support can be seen at 1.5130 (Nov 11th low), a break below at this level will open the door towards next level at 1.5092.
Recommendation: Go long around 1.5180, targets 1.5240, 1.5300, SL 1.5100
Resistance Levels
R1: 1.5188 (61.8% Retracement level
R2: 1.5245 (Nov 12th high)
R3: 1.5300 (Psychological levels)
Support Levels
S1: 1.5130 (Nov 11th low)
S2: 1.5092 (Nov 10th low)
S3: 1.5041 (61.8% Retracement level)
