FxWirePro: GBP/USD key resistance level at 1.5301, bearish in the short term

The cable is has broken strong support level at 1.5301 and is approaching to test next support level at 1.5261. A breakout at the said resistance level will unleash a strong bearish momentum which may drag the pair all the way towards 1.5218 (61.8% Retracement level).

• To the upside, the strong resistance can be seen at 1.5301, a break above this level would expose the cable to next resistance level at 1.5351.

• To the downside immediate support can be seen at 1.5261 (50% Retracement level) , a break below at this level will open the door towards next level at 1.5218 (61.8% Retracement level).

Recommendation: Go short below 1.5300, targets 1.5250, 1.5220, SL 1.5400

Resistance Levels

R1: 1.5301 (38.2% Retracement level)    

R2: 1.5351 (23.6% Retracement level)    

R3: 1.5438 (Aug 31st high)

Support Levels

S1: 1.5261 (50% Retracement level)                        

S2: 1.5218 (61.8% Retracement level)

S3: 1.5188 (June 5th high)