Fxwirepro: Gbp/usd Fails to Break Support at 1.5704 , Upside Prevails in the Short Term

  • GBP/USD fails to break support at 1.5704 and is bouncing above to reach the resistancelevel at 1.5755.
  • Forex market is 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 volatile in the coming days so traders should trade this pair with caution.
  • Major resistance is seen at 1.5755, a break above at this level will open the door to 1.5818 level. To the downside, immediate support can be seen at 1.5704.
  • Recommendation: Go long above 1.5710, targets 1.5750, 1.5810, 1.5621

Resistance Levels

R1: 1.5755(38.2% Retracement level)       

R2: 1.5818(23.6% Retracement level)     

R3: 1.5877

Support Levels

S1: 1.5704

S2: 1.5653(61.8% Retracement level)     

S3: 1.5625            

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