FxWirePro: GBP/USD key resistance at 1.5580, bearish in the short term

>The Cable has slipped backwards from 1.5533 levels, after a brief surge towards 1.5570 in early European session. The pair has broke support level at 0.9712 and is moving to test next support level at 0.9670. The Cable has to close above pivot point which located at 1.5580 in order find any bullish momentum, unless and until the trend remains bearish for this pair. Therefore it's good to sell below 1.5560 levels.

>Currently the cable is trading round 1.5526 levels, it is set to decline further towards 1.5480 later towards 1.5450 levels in the short term.

>To the upside, the strong resistance can be seen at 1.5580, a break above this level would expose to cable to next resistance level at 1.5656 (Sep 18th high)

>To the downside immediate support can be seen at 1.5490 (50% Retracement Levels), a break below at this level will open the door towards next level at 1.5481 (Sep 17th).

Recommendation: Go short below 1.5560, targets 1.5480, 1.5450, SL 1.5400

Resistance Levels

R1: 1.5530 (38.2% Retracement Level)

R2: 1.5580 (23.6 % Retracement Level)

R3: 1.5656 (Sep 18th high)

Support Levels

S1: 1.5490 (50% Retracement Levels)

S2: 1.5481 (Sep 17th)

S3: 1.5453 (61.8% Retracement Level)