GBP/USD found bottom around the 200 SMA on the daily chart and now we could expect some kind of rebound over there in order to reach the resistance level of 1.5755. However, if the pair does a breakout at the support level of 1.5543, it
would be expected to test a low around 1.5450. The MACD
indicator is still at negative territory.
On the H1 chart, GBP/USD was
rejected by the support level of 1.5537 and it would be expected to
reach the resistance level of 1.560 where the 200 SMA is located in this time frame. That moving average could serve as dynamic
resistance because the pair is still weak in the short term, but the
current structure could turn bullish if a breakout above the
1.5650 level happens.
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 1.5650, take profit is at
1.5688, and stop loss is at 1.5611.
The material has been provided by InstaForex Company – www.instaforex.com