FxWirePro: GBP/USD key resistance at 1.4953, sell deals are recommended around 1.4940

GBP/USD declined in the earlier session to hit low at 1.4885 levels. However, the pair has recovered to trade around 1.4912 levels in the early US session.Currently the pair trying to consolidate above 1.4904 50% fib levels, nevertheless short pullback towards 1.4940 levels should be viewed as selling opportunities as the resistance level at 1.4953 is set to hold the bulls from advancing further above and push the pair towards lower levels in the short term. 

• To the upside, the strong resistance can be seen at 1.4953, a break above this level would expose the cable to next resistance level at 1.5000.
• To the downside immediate support can be seen at 1.4859, a break below at this level will open the door towards next level at 1.4800.

Recommendation: Go short around 1.4940, targets 1.4860, 1.4800, SL 1.4960

Resistance Levels

R1:  1.4953 (61.8% Retracement level)

R2: 1.5000 (Psychological levels)

R3: 1.5049 (Dec 16th high)

Support Levels

S1: 1.4904 (50% Retracement level)

S2: 1.4859 (38.2% Retracement level)

S3: 1.4800 (23.6% Retracement level)