FxWirePro: Sell GBP/USD below 1.5580, down trend prevails

• GBP/USD is approaching resistance levels at 1.5534, 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 1.5580 should be viewed as advantage for selling opportunities, the cable should close above 1.5610 levels in order to resume its bullish run.

• The pair is currently is trading at 1.5716, it is expected decline further towards 1.5540 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: 1.5560           

R2: 1.5586 (61.8% Retracement level of 1.5670 to 1.5450)

R3: 1.5619

Support Levels

S1:1.5534 (38.2 % Retracement level)                                                    

S2:1.5501 (23.6% Retracement level)     

S3:1.5470