FxWirePro: GBP/USD key support at 1.5132, bullish in the short term

GBP/USD has lost some ground to dollar to trade around 1.5187 levels after slipping from 1.5263 levels. The cable is currently trading in oversold condition and a rebound towards higher levels can be expected sooner or later. 

• The pair is supported by raising trend line in 4 hours chart and is trading above daily pivot point is located at 1.5180,which indicate further upside for this pair, therefore it's good to buy this pair around 1.5180 levels.
   
• To the upside, the strong resistance can be seen at 1.5263, a break above this level would expose the cable to next resistance level at 1.5300.
• To the downside immediate support can be seen at 1.5190, a break below at this level will open the door towards next level at 1.5132.

Recommendation: Buy around 1.580, targets 1.5220, 1.4270, SL 1.5120

Resistance Levels

R1:  1.5263 (Daily high)

R2: 1.5300 (Psychological levels)

R3: 1.5329 (Sep 29th high)

Support Levels

S1: 1.5190 (50% Retracement level)

S2: 1.5132 (Nov 11th low)

S3: 1.5042 (61.8% Retracement level)