GBP/USD is still finding strong resistance around the level of 1.5898 in the daily chart, where we expect a higher high pattern formation in order to do rallies towards the next high at the level of 1.6036.
On the H1 chart, GBP/USD is still
trading sideways, but the bullish bias remains intact. Also, be
aware of the support level of 1.5841, because it's currently bringing
strong bottom to the current price action of this pair. The 200 SMA in the current time frame is still bullish and the MACD indicator is turning
to negative territory.
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