FxWirePro: GBP/USD key resistance at 1.5458, bearish in the short term

The cable has recovered some ground, from Friday's close, to to form daily high at  1.5435. GBP/USD has failed to show any bullish momentum above 1.5435, and is slipping further downwards to test interim support level at 1.5390.

• Currently the cable is trading round 1.5407 levels, it is set to decline further towards 1.5350 later towards 1.5300 levels in the short term.

• To the upside, the strong resistance can be seen at 1.5486, a break above this level would expose to cable to next resistance level at 1.5507 (Aug 27th high).

• To the downside immediate support can be seen at 1.5390, a break below at this level will open the door towards next level at 1.5361(July 10th lows).

Recommendation: Go short below 1.5430, targets 1.5370, 1.5340, SL 1.5500

Resistance Levels

R1: 1.5428 (38.2% Retracement Level)

R2: 1.5458 (50 % Retracement Level)

R3: 1.5486 (61.8% Retracement Level)

Support Levels

S1: 1.5390 (23.6% Retracement Levels)

S2: 1.5361(July 10th lows)

S3: 1.5327 (July 8th lows)