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GBP/USD recovered some ground today in the early European session after shedding more than 100pips on hawkish FOMC meeting yesterday. The cable is currently trading with oversold condition and a short squeeze towards immediate resistance can be expected. The currency pair is trading below downward trend line in daily chart and pivot point located at 1.5285, therefore it's good to sell this pair on rallies.
- To the upside, the strong resistance can be seen at 1.5351, a break above this level would expose the cable to next resistance level at 1.5400.
- To the downside immediate support can be seen at 1.5248, a break below at this level will open the door towards next level at 1.5203.
Recommendation: Go short below 1.5280, targets 1.5220, 1.5170, SL 1.5350
Resistance Levels
R1: 1.5305 (50% Retracement level)
R2: 1.5351 (61.8% Retracement level)
R3: 1.5382 (Oct 26th high)
Support Levels
S1: 1.5248 (38.2% Retracement level)
S2: 1.5203 (23.6% Retracement level)
S3: 1.5160 (Sep 4th lows)
