Bulls took control of the trend in the GBP/USD pair, because the Fed showed dovish stance at their latest meeting on Wednesday. Currently, the pair is approaching the resistance level of 1.5898. If it does a breakout of that zone,
it would be expected to reach a high at the level of 1.6036 in coming hours. The MACD indicator remains in the positive territory.
At the H1 chart, the pair has been
trading higher breaking important resistance in an intraday bias
and now it's looking to overcome a high around 1.5841. In case of success, it would do a rally towards the resistance zone of
1.5884. Anyway, be cautious with the overbought levels showed in lower time frames.
resistance levels: 1.5898 / 1.6036
support levels: 1.5755 / 1.5543
H1 chart's resistance
levels: 1.5841 / 1.5884
H1 chart's support levels:
1.5789 / 1.5750
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 1.5841, take profit is at
1.5884, and stop loss is at 1.5796.
The material has been provided by InstaForex Company – www.instaforex.com