GBP/USD remains very strong in the current bullish trend on the daily chart. There is a high probability that the pair will reach overbought levels or, better said, extreme zone. We could expect some sideways moves in the coming days because of it, as the GBP/USD pair could start to do strong pullbacks and
the bearish side could take advantage.
On the H1chart, the GBP/USD pair found strong resistance at the 1.5794 level in a temporary manner. It’s expected to fall until the support zone of 1.5706. For now, the pair is trading higher and counter-trend trades are very risky at this point. So it’s better to wait for pattern confirmations if you want to trade in favor of the downside. The breakout of the support level of 1.5706 could take place.
resistance levels: 1.5907 / 1.6060
support levels: 1.5745 / 1.5543
H1 chart’s resistance
levels: 1.5794 / 1.5882
H1 chart’s support levels:
1.5706 / 1.5597
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 1.5794, take profit is at
1.5882, and stop loss is at 1.5706.
The material has been provided by InstaForex Company – www.instaforex.com