Fxwirepro: Gbp/usd Key Resistance Level at 1.5301, Bearish in the Short Term

• GBP/USD   has rebounded strongly in the European session after hitting strong support at 1.5170 area. The cable is currently trading below 1.5261 (50% fib level), with overbought condition and a recovery could be extended upto 1.5300 (61.8% level). The resistance level at 1.5300 has been strong of late and is set hold the bulls from further gain. Therefore it’s good to sell this pair below 1.5300 levels.

• To the downside strong support can be seen at 1.5170 levels, a break below at this level will open the door towards next level at 1.5100 levels.

• To the upside, the immediate resistance can be seen at 1.5301, a break above this level would expose the cable to next major resistance level at 1.5403.

• To the downside immediate support can be seen at 1.5222, a break below at this level will open the door towards next level at 1.5164 (23.6% Retracement level).

Recommendation: Go short below 1.5300, targets 1.5200, 1.5170, SL 1.5410

Resistance Levels

R1:  1.5261 (50% Retracement level)       

R2: 1.5301 (61.8% Retracement level)    

R3: 1.5325 (Sep 2 high)

Support Levels

S1: 1.5222 (38.2% Retracement level)                    

S2: 1.5170 (23.6% Retracement level)

S3: 1.5141 (June 5^th high)

The material has been provided by InstaForex Company – www.instaforex.com