Fxwirepro: Gbp/usd Breaks Resistance at 1.5604, Downside Prevails in the Short Term

  • GBP/USD broke Resistance Level at 1.5604 and is moving below to reach the next support level  at 1.5588.
  • The currency is trading at 1.5615, immediate support can be seen at 1.5588, a break below this level will expose the pair to next support level at 1.55558 (23.6% Retracement level).
  • Major resistance can be found at 1.5678 (61.8% Retracement level),a break above this level will will open the door to 1.5700 handle.

Recommendation: Go short below 1.5670, targets 1.5630,1.5600, SL 1.5760.

Resistance Levels

R1: 1.5641           

R2: 1.5678 (61.8% Retracement level)    

R3: 1.5724

Support Levels

S1: 1.5588

S2: 1.55558 (23.6% Retracement level)                  

S3: 1.5513            

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

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