On the daily chart, GBP/USD regained positions above the 200 SMA and it's pointing again towards the resistance level of 1.5640. We should be aware of a possible breakout there, which could unleash a bullish force and the pair will rise towards the resistance zone of 1.5761. MACD indicator is
entering the neutral territory, an indicator of the current
uncertainty of the Cable.
GBP/USD is forming a higher
high pattern above the 200 SMA on H1 chart. The current resistance
level is set at 1.5587 which could be a big obstacle for bulls in the
near term. If a breakout happens over there, the pair could rise until
the 1.5632 level. However, there is still a high risk of a pullback
below the moving average mentioned above.
resistance levels: 1.5640 / 1.5761
support levels: 1.5543 / 1.5450
H1 chart's resistance
levels: 1.5587 / 1.5632
H1 chart's support levels:
1.5545 / 1.5489
Trading recommendations for today: Based on the H1 chart,
place buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.5587, take profit is at
1.5632, and stop loss is at 1.5541.
The material has been provided by InstaForex Company – www.instaforex.com