FxWirePro: GBP/USD key support at 1.5347, bullish in the short term

The Cable has slipped backwards from 1.5500 levels to hit low at 1.5401 in early the US Session, after dovish comments from ECB. However, the pair is expected to rebound sooner or later as the pair is strongly supported around 1.5347 levels.

• Currently the pair is trading in oversold condition and is approaching to test support level located at 1.5401.The support level at 1.5347 is likely to act as strong barrier to the bears and bring a rebound towards higher levels, therefore its good to buy this pair above 1.5347 levels.
   
• To the upside, the strong resistance can be seen at 1.5430, a break above this level would expose the pair towards next resistance level at 1.5480.
   
• To the downside immediate support can be seen at 1.5400, a break below at this level will open the door towards next level at 1.5347.
  
  Recommendation: Go long above1.5350, targets 1.5420, 1.5460, SL 1.5300
  
  Resistance Levels
  
  R1:  1.5430 (38.2 % Retracement level)
  
  R2: 1.5480 (23.6 % Retracement level)
  
  R3: 1.5503 (Daily  high)
  
  Support Levels
  
  S1: 1.5400 (50% Retracement level)
  
  S2: 1.5347 (61.8% Retracement level)
  
  S3: 1.5300 (Psychological levels)