• GBP/USD   recovered some ground today in the early European session after hitting minor support level at 1.5137 levels. The cable is currently trading with overbought condition and further decline towards lower levels can be expected. The currency pair is trading below downward trend line in daily chart and pivot point located at 1.5233, therefore any raise near resistance level at 1.5248 should be viewed as selling opportunities.
  
  
• To the upside, the strong resistance can be seen at 1.5248, a break above this level would expose the cable to next resistance level at 1.5288.
  
  
• To the downside immediate support can be seen at 1.5140 (Oct 6th lows), a break below at this level will open the door towards next level at 1.5076.
  
  Recommendation: Go short below 1.5200, targets 1.5160, 1.5100, SL 1.5300
  
  Resistance Levels
  
  R1:  1.5248(50% Retracement level)
  
  R2: 1.5288 (Sep 24th high)
  
  R3: 1.5361 (Sep 23rd high)
  
  Support Levels
  
  S1: 1.5140 (Oct 6th lows)
  
  S2: 1.5076 (38.2% Retracement level)
  
  S3: 1.4938 (Jan 18th lows)