FxWirePro: GBP/USD approaching to test support level at 1.5521, upside prevails in the short term

• The pair GBP/USD is approaching to test resistance level at 1.5521, the pair is set to advance further towards 1.5560 and 1.5600 level in the short term. GBP is broadly stronger against US dollar in the short term.

• The cable is trading at 1.5517 levels, immediate support can be seen at 1.5484. A break below this level will expose the pair to next support level at 1.5445 (61.8% Retracement level).

• Major resistance can be found at 1.5521 (38.2% Retracement level), a break above this level will expose it to the 1.5567 (23.6% Retracement level).        

Recommendation: Go long above 1.5480, targets 1.5560, 1.5600, SL 1.5380.

Resistance Level

R1: 1.5521 (38.2% Retracement level)                    

R2: 1.5567(23.6% Retracement level)     

R3: 1.5604 (July 7^th High)

Support Levels

S1: 1.5484

S2: 1.5447 (61.8% Retracement level of 1.5325 to)

S3: 1.5401