On the daily chart, GBP/USD is already doing a deep pullback from the resistance level of 1.5371 after forming a fractal on the last high. Now, we could expect testing of the support zone of 1.5007 only if the pair does a breakout in the zone of 1.5238 to the downside. The MACD indicator is
entering an overbought territory.
GBP/USD is already strong in
the current bearish bias because the pair is trading on the 200 SMA on the H1 chart. It could be offering dynamic support or just another
dynamic pivot that could accelerate the bearish momentum. In our
outlook on the intraday basis, GBP/USD could start to trade in sideways
during the next week.
resistance levels: 1.5238 / 1.5371
support levels: 1.5007 / 1.4874
H1 chart’s resistance
levels: 1.5217 / 1.5313
H1 chart’s support levels:
1.5155 / 1.5102
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 1.5217; take profit is at
1.5313; and stop loss is at 1.5123.
The material has been provided by InstaForex Company – www.instaforex.com