The rebound is still alive on the daily chart, because GBP/USD keeps moving in favor of the bullish corrective move. Also, it's looking to reach the 200 SMA in this time frame. However, that bearish path in a general bias is still alive and the MACD indicator is in negative territory. For now, it's better to see more bearish pattern formations before taking short trades.
In the H1 chart, the intraday
structure is still bullish as the pair is trying to consolidate above
the 200 SMA. Anyway, we're expecting pullbacks at current levels
because of the strong resistance zone that we're watching currently.
Also, GBP/USD is still weak and there is no clear trend-change
patterns formed yet in major charts, such as the H4 or daily.
resistance levels: 1.5346 / 1.5543
support levels: 1.5199 / 1.5090
H1 chart's resistance
levels: 1.5358 / 1.5428
H1 chart's support levels:
1.5259 / 1.5158
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 1.5259, take profit is at
1.5158, and stop loss is at 1.5358.
The material has been provided by InstaForex Company – www.instaforex.com