FxWirePro: GBP/USD key resistance level at 1.5107, bearish in the short term

GBP/USD   made some gains against dollar in todays mid European session hitting as high as 1.5114 levels before decline to trade around 1.5084. On the data front, The UK will release average earnings index, claimant count change this Wednesday, and if the figures result positive, the cable will likely make a short pullback towards higher levels. In the meanwhile, the cable is currently trading around 1.5085 levels with oversold condition and a pullback towards 1.5150 levels can be expected.

• The currency pair is set to continue its downward momentum towards 1.4900 levels, as the pound is set to weaken against US dollar in the short term. Therefore, it's good to sell this pair on rallies.
   
• To the upside, the strong resistance can be seen at 1.5107, a break above this level would expose the cable to next resistance level at 1.5185 levels.
• To the downside strong support can be seen at 1.5006, a break below at this level will open the door towards next level at 1.4963 (Feb 2nd lows).

Recommendation: Go short below 1.5100, targets 1.5000, 1.4970, SL 1.5200

Resistance Levels

R1:  1.5107 (38.2% Retracement level)
R2: 1.5185 (50 % Retracement level)
R3: 1.5262 (61.8 % Retracement level)

Support Levels

S1: 1.5027 (Nov 6th lows)
S2: 1.5006 (23.6 % Retracement level)
S3: 1.4963 (Feb 2nd lows)