FxWirePro: GBP/USD key resistance at 1.5430, sell deals are recommended below 1.5415

The GBP/USD pair has retreated from 1.5456 levels, after number of macro-economic data released earlier from European market, failed to infuse bullish momentum in the cable. The cable has broken strong support level at 1.5421 and slipped to test minor resistance at 1.5390. Currently the pair is making an attempt to rebound towards immediate resistance level , therefore a pullback near the range of 1.5425 can be viewed as selling opportunity .

To the upside, the strong resistance can be seen at 1.5431, a break above this level would expose the cable to next resistance level at 1.5483.

To the downside immediate support can be seen at 1.5400, a break below at this level will open the door towards next level at 1.5371.

Recommendation: Go short below 1.5415, targets 1.5380, 1.5350, SL 1.5480

Resistance Levels

R1:  1.5421 (38.2% Retracement level)

R2: 1.5431 (September 11th high)

R3: 1.5483 (23.2% Retracement level)

Support Levels

S1: 1.5400 (Psychological level)

S2: 1.5371 (50% Retracement level)

S3: 1.5322 (61.8% Retracement level)