GBP/USD remains trapped inside the range between the 1.5640 and 1.5450 levels on the daily chart, but the slightly bullish bias is still alive. However, 200 SMA on this time frame seems to be neutral and that means the pair will try to find a solid road soon in order to continue trading higher or
lower, but this stage is crucial.
On H1 chart, GBP/USD has been
trading above the 200 SMA and it’s now looking to break the
resistance level of 1.5632, in order to continue with the rally
towards the 1.5679 level, the next resistance zone on a short-term
basis. Besides, bear in mind that zone is very strong and could push
lower again to the Cable.
resistance levels: 1.5640 / 1.5761
support levels: 1.5543 / 1.5450
H1 chart’s resistance
levels: 1.5632 / 1.5679
H1 chart’s support levels:
1.5587 / 1.5545
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 1.5632, take profit is at
1.5679, and stop loss is at 1.5541.
The material has been provided by InstaForex Company – www.instaforex.com