The GBP/USD continues to trade lower below the resistance level of 1.5238 and the focus remains located at the support zone of 1.5007. The pullback made near the 200 SMA on the daily chart formed a fractal. So it could offer a new bearish journey in progress for the medium
and long term. The MACD indicator is also at the overbought territory.
A lower low pattern formation
is taking place below the 200 SMA and the resistance zone of 1.5155 on the H1 chart. The nearest target in the downside is located at the
support level of 1.5102. If GBP/USD achieves and makes a breakout in that
zone, it would be expected to fall to the level of 1.5060 and the
bearish bias could strenghten in the short term.
resistance levels: 1.5238 / 1.5371
support levels: 1.5007 / 1.4874
H1 chart’s resistance
levels: 1.5155 / 1.5217
H1 chart’s support levels:
1.5102 / 1.5060
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 1.5155, take profit is at
1.5217, and stop loss is at 1.5090.
The material has been provided by InstaForex Company – www.instaforex.com