GBP/USD rebounded strongly in mid European session after breaking resistance at 1.5330 levels. The cable is currently trading around 1.5380 levels with overbought condition and a pullback towards 1.5350 levels can be expected. The currency pair is set to consolidate above 1.5330 levels and move towards 1.5450 levels, as GPB/USD has found renewed buying interest off late, therefore it's good to buy this pair around 1.5330 levels.
- To the upside, the strong resistance can be seen at 1.5444, a break above this level would expose the cable to next resistance level at 1.5501 levels.
- To the downside immediate support can be seen at 1.5332, a break below at this level will open the door towards next level at 1.5290 (61.8% Retracement level).
Recommendation: Go long above 1.5330, targets 1.5390, 1.5440, SL 1.5200
Resistance Levels
R1: 1.5422 (61.8% Retracement level)
R2: 1.5444 (August 28th high)
R3: 1.5508 (Aug 26 high)
Support Levels
S1: 1.5332 (50% Retracement level)
S2: 1.5290 (61.8% Retracement level)
S3: 1.5215 (Sep 3rd lows)
