On the daily chart, GBP/USD has been
performing a rebound above the support level of 1.5329, where the pair
could start to develop a bearish pattern in order to ride the current
bearish bias and achieve consolidation towards the next support
around the level of 1.5224. By the way, we should expect a rise until
the level of 1.5438 again.
A trend in the H1 chart structure is calling for
more downside below the 200 SMA and we could expect a breakout above
the resistance level of 1.5415, in an effort to reach the level of 1.5463 . However, if the pair performs a pullback at current levels, it could test the support zone of 1.5368in order to make a breakout and fall
to its low of 1.5331.
Daily chart's resistance
levels: 1.5438 / 1.5543
Daily chart's support
levels: 1.5329 / 1.5224
H1 chart's resistance
levels: 1.5415 / 1.5463
H1 chart's support levels:
1.5368 / 1.5331
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 1.5368, take profit is at
1.5331, and stop loss is at 1.5406.
The material has been provided by InstaForex Company – www.instaforex.com