- 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
R1: 1.5755(38.2% Retracement level)
R2: 1.5818(23.6% Retracement level)
S2: 1.5653(61.8% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com