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

The cable has resumed its bearish trend, after breaking resistance level at 1.5428, The  pair is all set to move downwards in quick succession towards next support levels, therefore its good to sell at current market price.

• Currently the cable is trading round 1.5422 levels, it is set to decline further towards 1.5370 later towards 1.5320 levels.

• To the upside, the strong resistance can be seen at 1.5458, a break above this level would expose to cable to next resistance level at 1.5486 (61.8% Retracement Level).

• 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 1.5425, targets 1.5370, 1.5330, SL 1.5550

Resistance Levels

R1: 1.5428 (38.2% Retracement Level)
R2: 1.5458 (AnchorAnchor50 % 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)