On the daily chart, GBP/USD bulls are still stronger in this time frame, because it tested the resistance level of 1.5898 during yesterday's session. Today we could expect some sideways moves, because it's highly probable the pair could start to form a bullish pattern on the road. However, a
breakout of that zone will push the GBP/USD pair to test the zone around 1.6036.
During Thursday's session,
GBP/USD was rejected by the resistance level of 1.5927. Currently, the pair is trying to consolidate again above 1.5884. Anyway,
the current structure is still calling for more upside, but the fact
of the matter is that pair will do some deeper corrective moves in
order to correct the recent rallies.
resistance levels: 1.5898 / 1.6036
support levels: 1.5755 / 1.5543
H1 chart's resistance
levels: 1.5884 / 1.5927
H1 chart's support levels:
1.5841 / 1.5789
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 1.5884, take profit is at
1.5927, and stop loss is at 1.5841.
The material has been provided by InstaForex Company – www.instaforex.com