During this week,GBP/USD could restart the bearish bias in the daily chart, because the pair has been doing some corrective moves in favor of the overall trend. The resistance level at 1.5346 worked well to add bearish pressure to the GBP/USD pair. On the downside, the next target would be the support zone
around the level of 1.5199.
The short-term outlook
remains bearish, as the 200 SMA on the H1 chart is still offering dynamic
resistance and pushing the pair to the downside, because GBP/USD is trying to break the support level at 1.5259 now. In case of success, it
would be expected to fall until the level of 1.5158. The MACD indicator is
entering in the positive territory.
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