FxWirePro: GBP/USD key support level at 1.5625, bearish in the short term

• The cable is has broken strong support level at 1.5647  and is approaching to test next support level at 1.5625. A breakout at the said resistance level will unleash a strong bearish momentum which may drag the pair all the way towards 1.5577 levels .

• To the upside, the strong resistance can be seen at R1: 1.5647 (61.8% Retracement Level), a break above this level would expose to cable to next resistance level at 1.5688 (Aug 17^th high).

• To the downside immediate support can be seen at 1.5625 (50% Retracement Levels) , a break below at this level will open the door towards next level at 1.5603 (38.2% Retracement Level).

Recommendation: Go short below 1.5650, targets 1.5620, 1.5580, SL 1.5720

Resistance Levels

R1: 1.5647 (61.8% Retracement Level)

R2: 1.5688 (Aug 17^th high)

R3: 1.5715 (Aug 18^th high)

Support Levels

S1: 1.5625 (50% Retracement Levels)

S2: 1.5603(38.2% Retracement Level)

S3: 1.5577 (23.6% Retracement Level)