Finally, GBP/USD is taking clear direction in the short term and the current structure on the daily chart is advising us about a possible testing of the support around 1.5543 where the 200 SMA is currently located. We could expect
a rebound over there, towards the resistance zone of 1.5755. The MACD
indicator remains at negative territory.
Wednesday's session was very
bearish for the cable, which is currently trying to break the support
level of 1.5589. If the pair achieves this zone, it would be
expected to test the next low around the level of 1.5537. However, there
is a high possibility of a test at the resistance level of 1.5687,
after a breakout above 1.5650.
resistance levels: 1.5755 / 1.5898
support levels: 1.5543 / 1.5450
H1 chart's resistance
levels: 1.5650 / 1.5687
H1 chart's support levels:
1.5589 / 1.5537
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 seen at 1.5650, take profit is at
1.5687, and stop loss is at 1.5614.
The material has been provided by InstaForex Company – www.instaforex.com