The GBP/USD pair has had a strong fall below the resistance level of 1.5746, because this pair is trying to continue the bearish trend in the medium term. If the GBP/USD pair manages to form another fractal at the current levels, this pair is likely to rise up again to the level of 1.5746. Now, the MACD
indicator is entering the overbought area.
resistance levels: 1.5746 / 1.5883
support levels: 1.5642 / 1.5506
In the H1 chart, the GBP/USD
pair has made a rebound at the support level of 1.5632. The GBP/USD pair may
perform a retracement to the 1.5686 level, which is below the
200-day moving average. However, this pair has been very solid in the
current bearish trend from the November 27’s session, so we could see
this pair drop to the level of 1.5590. The MACD indicator is entering
the oversold area.
H1 chart’s resistance levels:
1.5739 / 1.5810
H1 chart’s support levels:
1.5686 / 1.5632
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 1.5632, take profit is at
1.5590, and stop loss is at 1.5672.
The material has been provided by InstaForex Company – www.instaforex.com