Fxwirepro: Gbp/usd Key Support Level at 1.5611, Bullish in the Short Term

• The cable is approaching to test resistance level at 1.5651. A breakout at the said resistance level will unleash a strong bullish momentum which may pull it all the way towards 1.6725 (23.6% Retracement Level).

• Pull back in the range of 1.5620 should be viewed as advantage for buying opportunities.

• To the upside, the strong resistance can be seen at 1.5650 (23.6% Retracement Level), a break above this level would expose to cable to next resistance level at (July 31^st high).

• To the downside immediate support can be seen at S1: 1.5620 (Aug 17^th lows), a break below at this level will open the door towards next level at 1.5611 (61.8% Retracement Level).

Recommendation: Go long above 1.5620, targets 1.5650, 1.5680, SL 1.5490

Resistance Levels

R1: 1.5650 (23.6% Retracement Level)

R2: 1.5660 (Aug 14^th high)

R3: 1.5725 (July 31^st high)

Support Levels

S1: 1.5620 (Aug 17^th lows)

S2: 1.5611 (50% Retracement Level)

S3: 1.5591 (61.8% Retracement Level)

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