FxWirePro: GBP/USD key support at 1.4294, upside prevails in the short term

GBP/USD rose towards higher levels on Tuesday as stock market around the world and oil prices recovered strongly bringing some relief to traders who were worried about the strength of Britain's economy.

• The pair rose in quick succession in the early US session, gaining more than 100pips before making a short dip to hit low at 1.4336.
   
• Currently the cable is trading around 1.4347 levels, it is set to advance further towards 1.4380 later towards 1.4440 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.4359, a break above this level would expose to cable to next resistance level at 1.4424.
   
• To the downside immediate support can be seen at 1.4294, a break below will open the door towards next level at .4237.
  
  Recommendation: Go long around 1.4360, targets 1.4400, 1.4440, SL 1.4250
  
  Resistance Levels
  
  R1: 1.4359 (50% Retracement Level)
  
  R2: 1.4424 (38.2% Retracement Level)
  
  R3: 1.4506 (23.6% Retracement Level)
  
  Support Levels
  
  S1: 1.4294 (61.8% Retracement Level)
  
  S2: 1.4237 (Session low)
  
  S3: 1.4176 (Daily lows)