- GBP/USD is bounced back from 1.5543(23.6% Retracement level), after ISM Non-Manufacturing data printed marginally below figure, at 56.0 against the forecast of 56.2. Which was released in the earlier US session.
- The pair is set to decline further 1.5550 and 1.5500 in the short term.
- Rally in the range 1.5630 should be taken as advantage for selling opportunities, As GBP is weak against the dollar in the short term, due to US dollar demand as safe heaven, and Greece crisis has weakened most of the European currencies.
- To the upside, the strong resistance can be seen at 1.5636 (61.8% Retracement level), a break above this level would take it to upside to next resistance level at 1.5680 handle.
Recommendation: Go short below 1.5630, targets 1.5580, 1.5550, SL 1.5730
Resistance Levels
R1: 1.5608
R2: 1.5636 (61.8% Retracement level of 1.5730 to 1.5485)
R3: 1.5680
Support Levels
S1:1.5579 (38.2 % Retracement level)
S2:1.5543 (23.6% Retracement level)
S3:1.5485
