On the daily chart, GBP/USD continues to trade lower. Now, it is looking for an opportunity to break the support level of 1.5327 in order to achieve 1.5243. The current structure is still caling for the upside in this time frame because the pair hasn’t break the invalidation zone at 1.5243 yet in order
to invalidate our overall bullish outook.
GBP/USD is forming a lower
low pattern in the H1 chart and the current price action is calling for
more falls in the short term. However, bear in mind that the pair is still
weak but oversold in lower time frames. That is why we would like to
see a bullish corrective move accross at least the resistance of 1.5412.
resistance levels: 1.5450 / 1.5543
support levels: 1.5327 / 1.5243
H1 chart’s resistance
levels: 1.5363 / 1.5412
H1 chart’s support levels:
1.5329 / 1.5269
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 1.5329, take profit is at
1.5269, and stop loss is at 1.5388.
The material has been provided by InstaForex Company – www.instaforex.com