GBP/USD made an important pullback at the resistance level of 1.5543, which could be the first step towards a lower low in the daily chart. Also, we should expect a breakout at the support level of 1.5450, with a target placed around the zone of 1.5327. The MACD indicator remains at negative territory
supporting our short-term bearish outlook, but be
cautious with possible trend-changes.
On the H1 chart, GBP/USD was
rejected by the price zone above the 200 SMA and now it’s looking to
test the support level of 1.5458. Now, the near-term target is placed
at the downside, around the support level of 1.5458. If the pair manage to brake that level, it would be expected to test the level of 1.5412 very soon.
resistance levels: 1.5543 / 1.5640
support levels: 1.5450 / 1.5327
H1 chart’s resistance
levels: 1.5524 / 1.5596
H1 chart’s support levels:
1.5458 / 1.5412
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 1.5458, take profit is at
1.5412, and stop loss is at 1.5501.
The material has been provided by InstaForex Company – www.instaforex.com