- The GBP/USD sharply declined on Monday, as concerns over a possible Brexit from Europe weighted on the currency pair.
- The currency pair initially rebounded towards higher levels in the earlier European session, however after finding minor resistance at 1.4815 levels the pair has decline towards 1.4715 levels.
- Currently the cable is trading around 1.4715 levels, it is set to decline further towards 1.4650 later towards 1.4600 levels in the short term.
- To the upside, the strong resistance can be seen at 1.4759, a break above this level would expose to cable to next resistance level at 1.4849.
- To the downside immediate support can be seen at 1.4689, a break below will open the door towards next level at 1.4634.Recommendation: Go short around 1.4740, targets 1.4680, 1.4640, SL 1.4800Resistance LevelsR1: 1.4759 (38.2% Retracement Level)R2: 1.4825 (50% Retracement Level)R3: 1.4849 (Dec 30th high)Support LevelsS1: 1.4689 (23.6% Retracement Level)S2: 1.4634 (March 18th low)S3: 1.4579 (April 10th low)
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