FxWirePro: GBP/USD key support at 1.5370, bullish in the short term

The cable has lost some ground, from Friday's high at 1.5443 and is moving downwards to test interim support level at 1.5400. The cable is currently trading around 1.5408 levels with overbought condition and a fall towards 1.5370 levels can be expected. 

The currency pair is set to consolidate around 1.5370 levels and move towards 1.5450 levels in the short term, as dollar is broadly weaker against the pound ahead of this week's key FOMC meeting.

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 long above 1.5370, targets 1.5430, 1.5460, SL 1.5315

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)