On the daily chart, GBP/USD has been trading in favor of a bearish bias. Now, it is testing the 200 SMA again. We are waiting for a breakout below that dynamic support. If that happens in the near terme, it would be expected to fall until the support level of 1.5450 in coming days. The MACD indicator
is entering negative territory.
GBP/USD is consolidating
below the 200 SMA on the H1 chart and continues to build a very solid
intraday bearish structure. Support zone of 1.5524 remains very
strong. Temporal bullish momentum favored price action. That is why we should wait for a breakout there in order to
continue trading on the downside.
resistance levels: 1.5640 / 1.5755
support levels: 1.5543 / 1.5450
H1 chart's resistance
levels: 1.5596 / 1.5639
H1 chart's support levels:
1.5524 / 1.5485
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 1.5596, take profit is at
1.5639, and stop loss is at 1.5554.
The material has been provided by InstaForex Company – www.instaforex.com