In the meanwhile, the cable is currently trading around 1.5113 levels with oversold condition and a pullback towards 1.5180/200 levels can be expected. The currency pair is set to continue its downward momentum towards 1.4900 levels, as the pound is set to weaken against US dollar in the short term. Therefore, it’s good to sell this pair on rallies.
To the upside, the strong resistance can be seen at 1.5222, a break above this level would expose the cable to next at 1.5280.
To the downside immediate support can be seen at 1.5084, a break below at this level will open the door towards next level at 1.5025.
Recommendation: Go short around 1.5180/1.5200, targets around 1.4980/1.4950, SL 1.5280
Support levels: 1.5084 1.5025 1.4972
Resistance levels: 1.5156 1.5222 1.5281