GBP/USD is still moving inside a bullish corrective channel which is taking in place on the daily chart. It made a breakout at the level of 1.5329 to the upside. That is why we focus on the territory around 1.5479 in the mid- and short-term, which is the nearest resistance level in this time frame.
On the H1 chart, the pair is forming a higher
high pattern above the support level of 1.5357, with a consolidation zone above the 200 SMA. The resistance level of 1.5402 is the
closest one in the short term, where a breakout to
the upside should happen in order to reach the next high at 1.5440.
Daily chart's resistance
levels: 1.5479 / 1.5559
Daily chart's support
levels: 1.5329 / 1.5181
H1 chart's resistance
levels: 1.5402 / 1.5440
H1 chart's support levels:
1.5357 / 1.5319
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 1.5357, take profit is at
1.5319, and stop loss is at 1.5393.
The material has been provided by InstaForex Company – www.instaforex.com