FxWirePro: GBP/USD key support at 1.5150, bullish in the short term

The Sterling declined against US dollar from 1.5226 levels in the early Asian session, reaching daily lows around 1.5184 levels. An attempt was made by bears to breach 1.5180 supports level in the late European session, however the attempt was unsuccessful as the bulls pulled the pair towards higher levels in the European session.

• Currently the pair is trading in oversold condition and is approaching to test support level located at 1.5180. 
   
• The support level at 1.5150 is likely to act as strong barrier to the bears and bring a rebound towards higher levels, therefore its good to buy this pair around 1.5160 levels.
   
• To the upside, the strong resistance can be seen at 1.5229, a break above this level would expose the cable to next resistance level at 1.5269.
• To the downside immediate support can be seen at 1.5180, a break below at this level will open the door towards next level at 1.5150 levels.

Recommendation: Go long above 1.5160, targets 1.5220, 1.5260, SL 1.5100

Resistance Levels

R1:  1.5229 (Daily highs)

R2: 1.5269 (38.2% Retracement level)

R3: 1.5343 (Oct 28th high)

Support Levels

S1: 1.5180 (Daily lows)

S2: 1.5150 (50% Retracement level)

S3: 1.5090 (Nov 10th lows)