The GBP/USD has slipped lower sharply, shedding more than 100pips after dollar rose across the board following Federal Reserve rate hike yesterday.
- The currency pair initially rebounded towards higher levels in the earlier European session, however after finding resistance at 1.5000 level the pair has decline towards 1.4924 levels.
- Currently the cable is trading around 1.4924 levels, it is set to decline further towards 1.4880 later towards 1.4850 levels in the short term.
- To the upside, the strong resistance can be seen at 1.4952, a break above this level would expose to cable to next resistance level at 1.5000.
- To the downside immediate support can be seen at 1.4908, a break below will open the door towards next level at 1.4857.
Recommendation: Go short below 1.4952, targets 1.4890, 1.4850, SL 1.5000
Resistance Levels
R1: 1.4952 (61.8% Retracement Level)
R2: 1.5000 (Psychological Level)
R3: 1.5095 (Dec 17th high)
Support Levels
S1: 1.4908 (50% Retracement Levels)
S2: 1.4857 (38.2% Retracement Level)
S3: 1.4801 (23.6% Retracement Level)
