At the daily chart, GBP/USD is still trading in favor of the bearish bias, testing the support zone of 1.5346. We're still expecting more lower continuation because the pair is about to consolidate in the downwards view, at least in the medium term. For now, there is still a high risk of a possible
rebound at the current levels.
GBP/USD is trying to
consolidate below the level of 1.5358 because it could fall until the
support level of 1.5259. Also, the pair is about to form another lower low pattern again, because the bearish bias in an intraday
outlook remains very strong. The 200 SMA at the H1 chart is pointing to
the downwards and the MACD indicator is still in positive territory,
but showing signs of weakness.
resistance levels: 1.5543 / 1.5745
support levels: 1.5346 / 1.5199
H1 chart's resistance
levels: 1.5443 / 1.5513
H1 chart's support levels:
1.5358 / 1.5259
Trading recommendations for today: Based on the H1 chart,
place sell (short) orders only if the GBP/USD pair breaks a bearish
candlestick; the support level is at 1.5358, take profit is at
1.5259, and stop loss is at 1.5459.
The material has been provided by InstaForex Company – www.instaforex.com