The bearish bias remains dominating the GBP/USD pair, which is сonsolidati below the level of 1.5438 on the daily chart. This move could open doors to the next support zone around the level of 1.5329. The 200 SMA is
still neutral, and that is why we should be very cautious when trading
inside this range.
The short-term trend is
still bearish on the structure at H1 chart, and its already forming a lower low pattern below the level of 1.5436. This pattern could be developed when GBP/USD broke a low of 1.5368. However, a correction move towards the resistance level of 1.5463 should be taken into account. The MACD indicator is at the positive territory.
Daily chart's resistance
levels: 1.5438 / 1.5543
Daily chart's support
levels: 1.5329 / 1.5224
H1 chart's resistance
levels: 1.5463 / 1.5502
H1 chart's support levels:
1.5415 / 1.5368
Trading recommendations for today: Based on the H1 chart,
place sell (short) orders only if the GBP/USD pair breaks a bearish
candlestick; the support level is at 1.5415, take profit is at
1.5368, and stop loss is at 1.5457.
The material has been provided by InstaForex Company – www.instaforex.com