On the H4 chart, GBP/USD continues to strengthen the bearish structure with the formation of a lower low pattern. Note that this pair formed a fractal near the resistance level of 1.5589. So, the GBP/USD pair is still likely to stay solid in the current bearish bias. For now, this pair is trying
to make a breakout at the support level of 1.5512.
resistance levels: 1.5541 / 1.5589
support levels: 1.5512 / 1.5341
In the short term, the
situation has not changed much about the current status of the trend
in the GBP/USD pair, as this pair performed a successful breakout at the level of
1.5534. Meanwhile, the GBP/USD pair is preparing to consolidate below
the 1.5501 level, although this can only be achieved only if the pair
ends of the lower low pattern development.
H1 chart's resistance
levels: 1.5534 / 1.5590
H1 chart's support levels:
1.5501 / 1.5460
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 1.5501, take profit is at
1.5460, and stop loss is at 1.5541.
The material has been provided by InstaForex Company – www.instaforex.com