FxWirePro: GBP/USD key resistance at 1.5428, bearish in the short term

The cable has failed to show any bullish pull back after UK GDP data was released today in the European session, as the support level at 1.5390 is broken, the pair is all set to move in quick succession towards 1.5361 levels in the near term, a break below 1.5361 levels is set to pull the GBP/USD pair all the way towards 1.5280 levels.

• Currently the cable is trading round 1.5387 levels, it is set to decline further towards 1.5350 later towards 1.5300 levels in the short term.

• To the upside, the strong resistance can be seen at 1.5458, a break above this level would expose to cable to next resistance level at 1.5507 (Aug 27th high).

• To the downside immediate support can be seen at 1.5360, a break below at this level will open the door towards next level at 1.5300.

Recommendation: Go short below 1.5400, targets 1.5370, 1.5330, SL 1.5470

Resistance Levels

R1: 1.5428 (38.2% Retracement Level)

R2: 1.5458 (50 % Retracement Level)

R3: 1.5486 (61.8% Retracement Level)

Support Levels

S1: 1.5390 (23.6% Retracement Levels)

S2: 1.5361(July 10th lows)

S3: 1.5327 (July 8th lows)