GBP/USD remains weak in the daily chart, because bears are is still strong and there are no patterns that indicat a possible large recover against the downside. For now, we expect a breakout in the support zone of 1.5199 in order to reach the next target
located at the level of 1.5090.
In the H1 chart, the pair is
forming another lower low pattern. We ixpect it to break the level of 1.5158 to fall until a low of 1.5084. By the way, there is
a possibility that GBP/USD could make a rebound at current levels and
rise to the resistance zone of 1.5259. If it breaks that level, it
would be expected to rise until 1.5358, where the 200
SMA is located.
resistance levels: 1.5346 / 1.5543
support levels: 1.5199 / 1.5090
H1 chart's resistance
levels: 1.5259 / 1.5358
H1 chart's support levels:
1.5158 / 1.5084
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 1.5158, take profit is at
1.5084, and stop loss is at 1.5235.
The material has been provided by InstaForex Company – www.instaforex.com