FxWirePro: Sell GBP/USD below 1.5770, down trend to continue further below

 

• GBP/USD is bouncing back from 1.5677 level and trying to test 1.5770 (61.8% Retracement level).

• Rally in the range of 1.5760- 1.5750, should be taken as advantage for selling opportunities, As GBP is weak as a result of uncertainty attached to most of the European currencies.

• Greece crisis is at the central point once again, As the concerned parties failed to agree to any kind of solution on group third meeting is scheduled at 7:00(EST) and Core PCE Price Index (MoM), Initial Jobless Claims, Personal Income (MoM) is due from the US market later in the day.

• The pair is currently is trading at 1.5716, it is expected decline further towards 1.5650 and 1.5600.

• To the upside, the strong resistance can be seen at 1.5770  (61.8% Retracement level), a break above this level would take it to upside to next resistance level at 1.5856

Recommendation: Go short below 1.5750, targets  1.5700,  1.5650, SL 1.5850

Resistance Levels

R1: 1.5770           

R2: 1.5828(61.8% Retracement level)

R3: 1.5866

Support Levels

S1:1.5673(38.2.% Retracement level)                                                     

S2:1.5639                            

S3:1.5613(23.6% Retracement level)