On the daily chart, GBP/USD took a mid-term bearish path. It is trying to consolidate below the 1.5543 level now and it could look for the support zone of 1.5450 in next week. Also, we expect some downside moves to hold below the support level of 1.5450, only if the pair gets favored by this
bias during the next week.
The pair is trying to reach a
lower low below the resistance level of 1.5524 and 200 SMA on the H1 chart. That’s why we should look for more downside moves in coming hours, but be cautious anyway, as GBP/USD failed to break the
support zone of 1.5472, which is an important level in this trend
resistance levels: 1.5543 / 1.5640
support levels: 1.5450 / 1.5332
H1 chart’s resistance
levels: 1.5524 / 1.5596
H1 chart’s support levels:
1.5502 / 1.5472
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 1.5502, take profit is at
1.5472, and stop loss is at 1.5533.
The material has been provided by InstaForex Company – www.instaforex.com