FxWirePro: Sell GBP/USD below 1.5805, down trend to continue further below

• GBP/USD is bouncing back from 1.5710 level and trying to test 1.5812 (61.8% Retracement level).

• Rally in the range 1.5760- 1.5800 should be taken as advantage for selling opportunities, As GBP is weak against the dollar in the short term due to dollar index rally around 95.45.

• Later in the day the US Q1 GDP (Gross Domestic Product) and GDP Price Index (QoQ) is set to released at 08:30 (GMT).

• The pair is currently is trading at 1.5790, it is expected decline further towards 1.5670 and 0.650.

• To the upside, the strong resistance sits near 1.5812 (61.8% Retracement level), a break above this level would take it to upside to next resistance level at 1.5856.

Recommendation: Go short below 1.5805 targets 1.5730, 1.5680, SL 1.5850.

Resistance Levels

R1: 1.5776

R2: 1.5812(61.8% Retracement level)

R3: 1.5856

Support Levels

S1:1.5740(38.2.% Retracement level)                                                     

S2:1.5696                            

S3:1.5622(76.4% Retracement level)