Fxwirepro: Gbp/usd Breaks Resistance at 1.5738, Upside Prevails in the Short Term

  • Markets are very volatile, As negotiations between Greece crisis and its creditors dragging on further, speculations about the outcome of Greece deal is keeping the market on the boil. Market condition is expected to be very volatile in the coming  days so traders should trade this pair with caution.
  • Major resistance is seen at 1.5816, a break above at this level will open the door to 1.5856 level. To the downside, immediate support can be seen at 1.5695.

Recommendation: Go long above 1.5740, targets 1.5780, 1.5810,SL 1.5621

Resistance Levels

R1: 1.5778             

R2: 1.5811(61.8% Retracement level)     

R3: 1.5856

Support Levels

S1: 1.5695 (23.6% Retracement level)

S2: 1.5656           

S3: 1.5621            

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