The current structure on daily chart is calling for more downside in coming days, because GBP/USD did a breakout around the level of 1.5224. Now, that is a resistance zone with a focus placed towards the next support at the level of 1.5107.
When a breakout happens there, then the pair will fall until at least the level of 1.4972.
On the H1 chart, the pair continues to trade
alongside with the direction placed by the 200 SMA, which is pointing
to the downside. The nearest support is located at the 1.5167 and
when a breakout happens there, GBP/USD will trade lower towards the
next bottom around the 1.5098 in a short term basis. MACD indicator
is still at negative territory.
Daily chart’s resistance
levels: 1.5224 / 1.329
Daily chart’s support
levels: 1.5107 / 1.4972
H1 chart’s resistance
levels: 1.5220 / 1.5272
H1 chart’s support levels:
1.5167 / 1.5098
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 1.5167, take profit is at
1.5098, and stop loss is at 1.5237.
The material has been provided by InstaForex Company – www.instaforex.com