FxWirePro: GBP/USD key support at 1.5244, bullish in the short term
GBP/USD declined strongly in European session after UK retail data printed negative figures. The cable is currently trading around 1.5291 levels with overbought condition and a pullback towards 1.5250 levels can be expec…
GBP/USD declined strongly in European session after UK retail data printed negative figures. The cable is currently trading around 1.5291 levels with overbought condition and a pullback towards 1.5250 levels can be expected.
The currency pair is set to consolidate above 1.5250 levels and move towards 1.5360 levels, as GPB/USD has found renewed buying interest in the short term. Therefore it's good to buy this pair around 1.5250 levels.
To the upside, the strong resistance can be seen at 1.5294, a break above this level would expose the cable to next resistance level at 1.5352levels.
To the downside immediate support can be seen at 1.5244, a break below at this level will open the door towards next level at 1.5198levels.
Recommendation: Go long above 1.5250, targets 1.5320, 1.5360, SL 1.5200
