FxWirepro: Strong support for Cable at 1.5290, breaks below could target 1.52 levels

GBP/USD hovers around the 1.53 level, recovering slightly from Tuesday's lows of 1.5283

• RSI and Stochs on 4 hourlies are near oversold territory, and in line with further declines
   
• But Cable has strong trendline support at 1.5290, breaks below could take the pair to 1.52 levels
   
• On the upside 200 DMA at 1.5331 is a strong resistance zone, ahead of 1.5359 (Oct 27 high) and then 1.5385 (10 DMA)
   
• Daily Stochs are on the verge of a bullish crossover, but in neutral territory, focus now on Fed's  monetary policy meet (Wed)
   

Recommendation: Wait for breaks below 1.5290 to go short, SL: 1.5335, TP: 1.5250, Bearish invalidation only above 1.5360

Resistance Levels:

R1: 1.5331 (200 DMA)

R2: 1.5359 (Oct 27 high) 

R3: 1.5385 (10 DMA)

Support Levels:

S1: 1.53 (psychological level)

S2: 1.5290 (trend line support)

S3: 1.5245 (Oct 14 low)