On the daily chart, GBP/USD is still trying to stay above the 200 SMA looking for an opportunity to rebound above that zone and to perform a rally towards the resistance level of 1.5755. However, a breakout at the support level of 1.5543 will open the doors for a testing around the level of 1.5450 in the short term. The MACD
indicator is still at negative territory.
The current structure remains neutral in an intraday basis, because the pair has been trading above
the support level of 1.5589, a very strong zone which is rejecting
bearish action. That's why we would like to see a rally until
the resistance zone of 1.5650, where a breakout could happen. The MACD
indicator is at positive territory.
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 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