- GBP/USD is bouncing back from 1.5710 level and trying to test 1.5812 (61.8% Retracement level).
- Rally in the range 1.5760- 1.5800 should be taken as advantage for selling opportunities, As GBP is weak against the dollar in the short term due to dollar index rally around 95.45.
- Later in the day the US Q1 GDP (Gross Domestic Product) and GDP Price Index (QoQ) is set to released at 08:30 (GMT).
- The pair is currently is trading at 1.5790, it is expected decline further towards 1.5670 and 0.650.
- To the upside, the strong resistance sits near 1.5812 (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 1.5805 targets 1.5730, 1.5680, SL 1.5850.
Resistance Levels
R1: 1.5776
R2: 1.5812(61.8% Retracement level)
R3: 1.5856
Support Levels
S1:1.5740(38.2.% Retracement level)
S2:1.5696
S3:1.5622(76.4% Retracement level)
