The GBP/USD initially in European session slipped lower sharply after breaking below 1.4600 levels, however, the pair rebounded in the US session after finding support at 1.4525 levels erasing the earlier losses.
- The pair is set weaken further as the debate over Brexit from Europe is set to put further pressure in the coming session.
- Currently the cable is trading around 1.4615 levels, it is set to decline further towards 1.4550 later towards 1.4500 levels in the short term.
- To the upside, the strong resistance can be seen at 1.4730, a break above this level would expose to cable to next resistance level at 1.4780.
- To the downside immediate support can be seen at 1.4613, a break below will open the door towards next level at 1.4525.
Recommendation: Go short around 1.4625, targets 1.4550, 1.4500, SL 1.4780
Resistance Levels
R1: 1.4675 (38.2% Retracement Level)
R2: 1.4730 (50% Retracement Levels)
R3: 1.4780 (61.8% Retracement Levels)
Support Levels
S1: 1.4613 (23.6% Retracement Levels)
S2: 1.4576 (April 5th lows)
S3: 1.4525 (Daily lows)
