GBP/USD has been trading in a very bearish tone below the 200 SMA in the daily chart, where the pair is consolidating to make a breakout at the level of 1.5438 and reach the level of 1.5329. However, the overall trend is still pointing to the upside, and GBP/USD could resume the bullish bias. The MACD indicator is entering the negative territory.
On the H1 chart, the trend is bearish,
and it is currently showing the first swing formation above the support level of 1.5463. Below that zone, the pair could reach
the next low around the level of 1.5415. The 200 SMA is
slightly bearish in this timframe/ That is why sellers are still alive in the short-term outlook.
Daily chart’s resistance
levels: 1.5543 / 1.5640
Daily chart’s support
levels: 1.5438 / 1.5329
H1 chart’s resistance
levels: 1.5526 / 1.5561
H1 chart’s support levels:
1.5463 / 1.5415
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 1.5463, take profit is at
1.5415, and stop loss is at 1.5511.
The material has been provided by InstaForex Company – www.instaforex.com