There are no major changes in the current price action of GBP/USD at the moment as the pair is trading lower below the resistance level of 1.5238 and continues to look for the support zone of 1.5007. Currently, we could expect more downside
moves and the MACD indicator is favoring this outlook. That is why
we recommend to look for bearish patterns in lower time frames.
consolidation is still taking place on the H1 chart because GBP/USD is forming a
lower low pattern below the 200 SMA, but it could fail. Remember that the
support zone of 1.5102 is very strong and the overall bias on this
pair is still calling us for upside moves. Furthermore, GBP/USD could
break the resistance level of 1.5217.
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