GBP/USD is still alive in the bullish bias and the focus is at the resistance level of 1.5761, where we should expect a pullback on the daily chart. In coming days, maybe the pair will try to form another higher high pattern for a bullish continuation towards new highs.
On H1 chart, the pair again found dynamic
support over the 200 SMA. So GBP/USD is looking to trade until the
resistance level of 1.5715, where a breakout should happen in order
to test the next important resistance around the 1.5763 level. The
short-term outlook is still calling to the upside. MACD indicator is on the positive territory.
Daily chart’s resistance
levels: 1.5761 / 1.5881
Daily chart’s support
levels: 1.5640 / 1.5543
H1 chart’s resistance
levels: 1.5715 / 1.5763
H1 chart’s support levels:
1.5679 / 1.5632
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 1.5715, take profit is at
1.5763, and stop loss is at 1.5666.
The material has been provided by InstaForex Company – www.instaforex.com