FxWirePro: GBP/USD key support level at 1.5610, bullish in the short term

The cable is has retreated after hitting resistance at 1.5772 and has slipped sharply towards 1.5675 levels, currently the cable  has rebounded after hitting  support level at 1.5666, a bullish rebound is expected soon unless and until the support level at 1.5610 is not breached by the bears.

• To the upside, the strong resistance can be seen at 1.5734 (38.2% Retracement Level), a break above this level would expose to cable to next resistance level at 1.5774 (June 30th high).

• To the downside immediate support can be seen at 1.5666 (50% Retracement Levels), a break below at this level will open the door towards next level at 1.5610(61.8% Retracement Level).

Recommendation: Go long above 1.5650, targets 1.5700, 1.5730, SL 1.5580

Resistance Levels

R1: 1.5734 (38.2% Retracement Level)

R2: 1.5774 (June 30th high)

R3: 1.5811(23.6% Retracement Level)

Support Levels

S1: 1.5666 (50% Retracement Levels)

S2: 1.5610(61.8% Retracement Level)

S3: 1.5563 (Aug 18th lows)