The GBP/USD is having a
bullish momentum at the end of the year, making a consolidation near the resistance level of 1.5642. However, the bearish structure on
the daily chart still remains intact, because the GBP/USD still has a
high probability of falling back to the support level of 1.5506 and
conduct a breakout in that area with the formation of a bearish
resistance levels: 1.5642 / 1.5746
support levels: 1.5506 / 1.5407
On the H1 chart, GBP/USD has
made a breakout at the level of 1.5590, so that the next short-term target in
the for this pair would be the resistance level of 1.5632.
This bullish move time can not be considered as a possible trend
change in the GBP/USD, because this pair currently does not have
enough bullish momentum.
H1 chart’s resistance
levels: 1.5632 / 1.5686
H1 chart’s support levels:
1.5590 / 1.5534
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 1.5590, take profit is at
1.5534, and stop loss is at 1.5646.
The material has been provided by InstaForex Company – www.instaforex.com