On the daily chart, GBP/USD continues to advance in favor of bullish scenario, with a clear consolidation above the support level of 1.5329. This move was the inflexion point on the pair to try a rally towards the resistance zone of 1.5479,
where a breakout should happen in order to test the level of 1.5559,
where the 200 SMA is located .
The short-term outlook remains bearish,
as long as the pair remains inside the 200 SMA price zone on the H1
chart. Currently, there is a bullish range above the support
level of 1.5357. If GBP/USD does a breakout over that zone, it
will fall to 1.5319 in coming hours. The MACD indicator is
entering the negative territory.
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