GBP/USD is still trading lower, but there are no clear bearish patterns on the daily chart. That’s why we would like to see a consolidation before a fall to the support level at 1.5199 in the medium term.
During the Thursday session,
GBP/USD did a drop below the level of 1.5358. Now, it’s trying to rise
until the resistance zone of 1.5358, where it could find strong
sellers reaction and test the support level at 1.5259 again. Of
course, if the pair does a breakout in that zone, the lower
continuation to 1.5158 will take place.
resistance levels: 1.5346 / 1.5543
support levels: 1.5199 / 1.5090
H1 chart’s resistance
levels: 1.5358 / 1.5443
H1 chart’s support levels:
1.5259 / 1.5158
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 1.5259, take profit is at
1.5158, and stop loss is at 1.5358.
The material has been provided by InstaForex Company – www.instaforex.com