FxWirePro: Sell GBP/USD below 1.5540, bearish in the short term

 

• GBP/USD fell back after failing to break resistance level at 1. 5521, and fell below to test support level at 1.5461. The cable is approaching to test support level at 1.5460.  The pair is set to fall further towards 1.5440 and later 1.5400 levels in the short term.

• Pullback in the range of 1.5530 should be viewed as advantage for selling opportunities, the support level at 1.5540 is set to hold the bulls and push under pressure.

• To the upside, the strong resistance can be seen at 1.5533 (61.8% Retracement level), a break above this level would expose to cable to next resistance level at 1.5600 levels.

Recommendation: Go short below 1.5540, targets 1.5460, 1.5420, SL 1.5650

Resistance Levels

R1: 1.5499

R2: 1.5533 (61.8% Retracement level)

R3: 1.5572

Support Levels

S1:1.5460 (38.2 % Retracement level)                                    

S2:1.5449(July 14th low)

S3:1.5410 (23.6% Retracement level)