GBP/USD made a pullback made near the resistance level of 1.5479 on the daily chart.
This move could push the pair lower until the support level of 1.5181 when a breakout around 1.5329 happens. The 200 SMA is still neutral in this time frame, which adds some uncertainty to
the current trend.
On the H1 chart, the pair is looking for an opportunity to
consolidate below the support zone of 1.5327 after a lower low
pattern formation. However, the current price is very
close to the 200 SMA zone, as we expect that GBP/USD could retrace
until that territory. If a breakout happens above the level of 1.5402,
then GBP/USD will test the level of 1.5470 .
Daily chart’s resistance
levels: 1.5479 / 1.5559
Daily chart’s support
levels: 1.5329 / 1.5181
H1 chart’s resistance
levels: 1.5368 / 1.5402
H1 chart’s support levels:
1.5327 / 1.5286
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 1.5368, take profit is at
1.5402, and stop loss is at 1.5334.
The material has been provided by InstaForex Company – www.instaforex.com