GBP/USD remains bullish on the daily chart, because the pair is trying to do a consolidation above the 200 SMA again as it's facing the resistance level of 1.5543. If GBP/USD manages to break that zone, it would be expected to rise to the next resistance around the 1.5755 level in the medium term.
MACD indicator is on the positive territory.
On theH1 chart, the pair is
trading higher above the 200 SMA and the support level of 1.5548,
where a higher high pattern is currently being formed. If the pair makes a
breakout in the resistance zone of 1.5610, it could do a rally
towards the resistance level of 1.5671 during this week. Anyway, it
could make some pullbacks before any rallies.
resistance levels: 1.5543 / 1.5755
support levels: 1.5346 / 1.5199
H1 chart's resistance
levels: 1.5610 / 1.5671
H1 chart's support levels:
1.5548 / 1.5502
Trading recommendations for today: Based on the H1 chart,
place buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.5610, take profit is at
1.5671, and stop loss is at 1.5548.
The material has been provided by InstaForex Company – www.instaforex.com