The GBP/USD pair continues to
consolidate in the bearish trend below the resistance level of
1.5642, although the pair is making bullish retracements on the daily
chart. For now, the hypothesis that the GBP/USD pair will develop a
bearish structure is highly probable, therefore it is advisable to
wait until this pair makes a breakout at the support level of 1.5506.
resistance levels: 1.5642 / 1.5746
support levels: 1.5506 / 1.5407
On the H1 chart, GBP/USD has
recovered significantly from the level of 1.5555, as this pair had a
bullish momentum short and it is likely to reach the resistance level of
1.5590 soon. During today’s session, the GBP/USD pair may even consolidate
above the 200-day moving average. The MACD indicator remains in
the positive territory.
H1 chart’s resistance
levels: 1.5590 / 1.5632
H1 chart’s support levels:
1.5534 / 1.5501
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 1.5534, take profit is at
1.5501, and stop loss is at 1.5568.
The material has been provided by InstaForex Company – www.instaforex.com