- GBP/USD surged strongly in mid-morning US session after soft economic data gave a bullish boost to the pair. The cable is currently trading around 1.5455 levels with overbought condition and a pullback towards 1.5300 levels can be expected, as the pair finds strong résistance at 1.5506 levels.
- To the upside, the strong resistance can be seen at 1.5506, a break above this level would expose the cable to next resistance level at 1.5547 levels.
- To the downside major support can be seen at 1.5375, a break below at this level will open the door towards next level at 1.5272 levels.Recommendation: Go short below 1.5480, targets 1.5400, 1.5350, SL 1.5550Resistance LevelsR1: 1.5460 (38.2% Retracement level) R2: 1.5506 (Oct 22nd high) R3: 1.5547 (61.8 % Retracement level)Support LevelsS1: 1.5375 (38.2 % Retracement level) S2: 1.5272 (23.6% Retracement level)S3: 1.5200 (Psychological levels)
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