GBP/USD has slipped sharply towards 1.5322 after making a brief surge towards 1.5374 in the early European session. The currency pair is set to consolidate above 1.5280 levels and move towards 1.5450 levels, as GPB/USD has found renewed buying interest. Therefore it's good to buy this pair around 1.5300 levels.
- To the upside, the strong resistance can be seen at 1.5382, a break above this level would expose the cable to next resistance level at 1.5450 levels.
- To the downside immediate support can be seen at 1.5322, a break below at this level will open the door towards next level at 1.5281 levels.
Recommendation: Go long above 1.5300, targets 1.5370, 1.5430, SL 1.5230
Resistance Levels
R1: 1.5382 (Oct 9th high)
R2: 1.5434 (38.2% Retracement level)
R3: 1.5529 (Sep 9th high)
Support Levels
S1: 1.5322 (Oct 10th lows)
S2: 1.5281 (50% Retracement level)
S3: 1.5260 (October 8th lows)
