GBP/USD is forming a bullish pattern below the zone around 1.5543, where the 200 SMA is currently located in the daily chart. This gives us a new scenario because the pair could reach new highs above that moving average. It is likely to find resistance at the level of 1.5745. The MACD indicator
is still alive at positive territory.
The short-term outlook
remains bullish because GBP/USD is still trading above the 200 SMA
in the H1 chart with a higher high pattern formation in place. The
closest resistance is located at 1.5472. Now, there is risk of a lower breakout at the support level of 1.5392 with a near-term target at 1.5307.
resistance levels: 1.5543 / 1.5745
support levels: 1.5371 / 1.5238
H1 chart’s resistance
levels: 1.5472 / 1.5533
H1 chart’s support levels:
1.5392 / 1.5307
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 1.5472, take profit is at
1.5533, and stop loss is at 1.5415.
The material has been provided by InstaForex Company – www.instaforex.com