On the daily chart, a rally still looks to be pushing the GBP/USD pair higher, at least above the resistance zone of 1.5479, with targets headed towards the 200 SMA. Thre current structure is already calling for a bullish deeper correction, but we should be
aware of further bearish moves, as the pair could start to perform a pullback
until the support level of 1.5329.
A current intraday outlook is already
calling for more upsides as long as the cable trades above the
resistance level of 1.5469, with near-term targets accross the
psychological level of 1.5500. If a breakout happens, then
GBP/USD will look for a way to the price zone of 1.5500. The MACD indicator on the H1
chart is still at the neutral territory.
Daily chart’s resistance
levels: 1.5479 / 1.5559
Daily chart’s support
levels: 1.5329 / 1.5181
H1 chart’s resistance
levels: 1.5440 / 1.5469
H1 chart’s support levels:
1.5402 / 1.5368
Trading recommendations for today: Based on the H1 chart,
place buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.5440, take profit is at
1.5469, and stop loss is at 1.5409.
The material has been provided by InstaForex Company – www.instaforex.com