AAt the daily chart, GBP/USD did a pullback around the resistance level of 1.5898, which is now looking to do a corrective moves towards the support zone of 1.5755. Also, a breakout over there will make the GBP/USD pair to test the level of 1.5543, where the 200 SMA is located in this
time frame. The MACD indicator is still in positive territory.
In the short term, GBP/USD
has been trading sideways below the resistance zone of 1.5841. The pair is expected to turn lower for a bit, as it's
approaching the 200 SMA on the H1 chart, which is below the
current level. However, we're still expecting a rebound and test of new highs.
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 / 1.5740
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