FxWirePro: GBP/USD key support at 1.5456, bullish in the short term

The Cable has slipped backwards from 1.5495 levels, after housing data was released in early the US Session. However, the pair is  consolidating around 1.5470 to reach higher levels currency pair is trading above upward trend line in daily chart and daily pivot point at 1.5460 which suggest further bullish momentum towards upside. Therefore its good to buy this pair above 1.5450 levels.

• To the upside, the strong resistance can be seen at 1.5506, a break above this level would expose the pair towards next resistance level at 1.5550.
• To the downside immediate support can be seen at 1.5456, a break below at this level will open the door towards next level at 1.5414.

Recommendation: Go long above1.5450, targets 1.5500, 1.5530, SL 1.5390

Resistance Levels

R1:  1.5484 (38.2 % Retracement level)

R2: 1.5506 (Oct 15th high)

R3: 1.5550 (23.6 % Retracement level)

Support Levels

S1: 1.5456 (Oct 20th low)

S2: 1.5431 (50% Retracement level)

S3: 1.5414 (Oct 15th low)