GBP/USD is still making bullish corrective moves on the daily chart. Now it is trying to consolidate above the resistance level of 1.5346, because it is possible that could reach the 200 SMA very soon. However, the overall
bearish bias is still alive and we could expect a lower continuation
in coming days, but we should wait for a breakout of lows around 1.5199.
consolidation is in place above the 200 SMA in the H1 chart and that is why
we expect a rally towards the resistance level of 1.5428. Anyway,
that zone is so strong and there could happen a bearish reaction,
because the current price action is not enough strong for an intraday bullish trend in the near term.
resistance levels: 1.5543 / 1.5755
support levels: 1.5346 / 1.5199
H1 chart's resistance
levels: 1.5428 / 1.5502
H1 chart's support levels:
1.5358 / 1.5259
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 1.5358, take profit is at
1.5259, and stop loss is at 1.5459.
The material has been provided by InstaForex Company – www.instaforex.com