GBP/USD is trying to consolidate above 1.5640 with a mid-term focus towards the 1.5761 level. That’s why bulls are still stronger and having a momentum above 200 SMA on the daily chart. However, we should recommend to follow the current bias
because there are no signs in the short term for deep pullbacks. MACD
indicator is on the positive territory.
On H1 chart, GBP/USD had a rally
towards new weekly highs and remains above the 200 SMA. The pair is
looking again to break the resistance level of 1.5679 in order to
rise until the 1.5715 zone in the short term. After a breakout above
it, GBP/USD will look to trade around the pyschological level of
1.5800. MACD indicator is still on the negative territory.
Daily chart’s resistance
levels: 1.5640 / 1.5761
Daily chart’s support
levels: 1.5543 / 1.5450
H1 chart’s resistance
levels: 1.5679 / 1.5715
H1 chart’s support levels:
1.5632 / 1.5587
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 1.5679, take profit is at
1.5715, and stop loss is at 1.5644.
The material has been provided by InstaForex Company – www.instaforex.com