FX.co ★ Technical analysis of GBP/USD for July 24, 2015

According to my previous analysis, GBPUSD rejected the key resistance area between R1 (1.5614) and R2 (1.5688) and sharply fell after forming a double top at the resistance area.

Wealness in the GBP/USD pair becomes more obvious and this should be a confirmation of the short-term weakness that could last from few days to a week.

Consider selling GBP/USD on any minor pullback, preferably near S1 (1.5540) to target S3 (1.53) support area, where the pair would form a double bottom.

The probability of a move higher to the area above R2 is very small, but a break of this level should change the trend immediately.

Support: 1.5447, 1.5300, and 1.5168

Resistance: 1.5540, 1.5614, and 1.5688