Tuesday's session was very bearish for this pair, which is trying to be pushed to the support level of 1.5543 where the 200 SMA is also located at the daily chart. However, we still can see an overall bullish bias,
because the recent price action is already calling for more upside in
coming days. The MACD indicator is still in positive territory.
On the H1 chart, GBP/USD has already
tested the 200 SMA dynamic support and we expect a rebound over
there. However, we should wait for a breakout of resistance
level at 1.5740 if the pair wants to reach the next resistance
around 1.5789 in coming hours. The MACD indicator
is in positive territory in this time frame.
resistance levels: 1.5755 / 1.5898
support levels: 1.5543 / 1.5450
H1 chart's resistance
levels: 1.5740 / 1.5789
H1 chart's support levels:
1.5687 / 1.5650
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 1.5740, take profit is at
1.5789, and stop loss is at 1.5693.
The material has been provided by InstaForex Company – www.instaforex.com