FxWirePro: GBP/USD key support at 1.5695, bullish in the short term

• The cable is has retreated after hitting resistance 1.5816 and has slipped sharply towards 1.5760 levels, currently the cable  is trading round  1.5740 levels , strong support level lies at 1.5695,  a bullish rebound is expected soon unless and until the support level at 1.5695 is not breached by the bears.

• To the upside, the strong resistance can be seen at 1.5840 (23.6% Retracement Level), a break above this level would expose to cable to next resistance level at 1.5891(June 23^rd high).

• To the downside immediate support can be seen at 1.57740 (50% Retracement Levels), a break below at this level will open the door towards next level at 1.5695.

Recommendation: Go long above 1.5720, targets 1.5780, 1.5820, SL 1.5620

Resistance Levels

R1: 1.5786 (38.2% Retracement Level)

R2: 1.5840 (23.6% Retracement Level)

R3: 1.5891(June 23^rd high)

Support Levels

S1: 1.57740 (50% Retracement Levels)

S2: 1.5695 (61.8% Retracement Level)

S3: 1.5629 (Aug 24^th lows)