GBP/USD key support at 1.5156, bullish in the short term

FX:GBPUSD   British Pound/U.S. Dollar
350 0 3
GBP/USD             recovered some ground in the early US session as the pair got support around 1.5124 levels. The cable is currently trading around 1.5210 levels and a short squeeze towards 1.5280/300 levels can be expected. UK's Average Earnings Index came at 3.0 % slightly less than forecast at 3.3 %, Claimant Count Change came at 3.3k against the forecast at 1.5k.The Sterling lost steam immediately after the data release, but the GBP/USD             pair rebounded from 1.5124 minor resistance zone to trade around 1.5200 during the mid-morning American hours.

Technically the RSI in the 4 hour chart is indicating upwards, and the 55, 30 and 20 MA’s is turning towards higher side. Overall the technical indicators are pointing towards upside.

To the upside, the strong resistance can be seen 1.5281, a break above this level would expose the cable to next resistance level at 1.5336.

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 1.5027.

Recommendation: Go long around 1.5180/1.5200, targets around 1.5280/1.5300, SL 1.5120

Support levels: 1.5156 1.5084 1.5025

Resistance levels: 1.5222 1.5281 1.5336
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