The daily chart structure
remains pointing to the upside, but GBP/USD is currently doing
bearish moves and looking to consolidate below the 200 SMA. While it
remains above that zone, we could expect more upside moves, but the
short-term picture favors bears and we should be cautious
of a possible breakout around 1.5543.
When we watch for a swing lower below the resistance level of 1.5589, we can see bearish
consolidation in the H1 chart. However, a breakout to the
upside will make GBP/USD to test the resistance zone around the
1.5650. The MACD indicator remains at negative territory, but the
corrective moves are going to happen soon.
resistance levels: 1.5755 / 1.5898
support levels: 1.5543 / 1.5450
H1 chart’s resistance
levels: 1.5589 / 1.5650
H1 chart’s support levels:
1.5537 / 1.5471
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 1.5589, take profit is at
1.5650, and stop loss is at 1.5530.
The material has been provided by InstaForex Company – www.instaforex.com