FxWirePro: Sell GBP/USD below 1.5575, bearish in the short term

• GBP/USD is approaching support levels at 1.5536 (38.2 % Retracement level), the cable is weaker against US Dollar and is set to fall further towards 1.5500 levels and later towards 1.5450 levels.

• Rally in the range 1.5570-80 should be viewed as advantage for selling opportunities, the cable should close above 1.5610 levels in order to resume its bullish run. The resistance level at 1.5890 is set to hold the bulls and put further downward pressure on the cable.

• The pair is currently is trading at 1.5555, it is expected decline further towards 1.5530 and 1.5500 levels in the short term.

• To the upside, the strong resistance can be seen at 1.5586 (61.8% Retracement level), a break above this level would expose to cable to next resistance level at 1.5619.

Recommendation: Go short below 1.5580, targets 1.5550, 1.5530, SL 1.5650

Resistance Levels

R1: 1.5562           

R2: 1.5589 (61.8% Retracement level of 1.5673 to 1.5450)

R3: 1.5619

Support Levels

S1:1.5536 (38.2 % Retracement level)                                                    

S2:1.5504 (23.6% Retracement level)     

S3:1.5470 (July 13^th low)