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)
