GBP/USD remains trading below the 200 SMA in the daily chart and it is currently testing the support zone around 1.5327. We expect a breakout below the level of 1.5243 in order to change our mid-term outlook to bearish because the current structure is still calling for more
upside. the MACD indicator is at negative territory.
In the H1 chart, the current intraday
structure is still bearish, but the pair was rejected by the support
level of 1.5329. At the moment, we can expect a rise until the
resistance level of 1.5412. However, GBP/USD is still alive inside a
lower low pattern formation, which could be extended below the low
mentioned above. The MACD indicator is entering at positive territory.
resistance levels: 1.5450 / 1.5543
support levels: 1.5327 / 1.5243
H1 chart’s resistance
levels: 1.5412 / 1.5458
H1 chart’s support levels:
1.5363 / 1.5329
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 1.5397.
The material has been provided by InstaForex Company – www.instaforex.com