Tuesday was a relatively slow session for the GBP/USD pair, at least as we can see on the daily chart, because the pair is still trying to break the resistance level of 1.5491. Now, it’s just advisable to wait for a solid bullish pattern formation. Below that resistance zone, it’s possible more
corrective moves in favor of the current upward bias.
On the H1 chart, the GBP/USD
pair moved during yesterday sideways, as the pair is trying to win
positions above the resistance level of 1.5455 in order to reach the
zone of 1.5516. At the moment, there are fractals formed on the
bullish side. That’s why we recommend caution when you think to place buy orders at current levels.
resistance levels: 1.5491 / 1.5761
support levels: 1.5247 / 1.5025
H1 chart’s resistance
levels: 1.5455 / 1.5516
H1 chart’s support levels:
1.5413 / 1.5378
Trading recommendations for today: Based on the H1 chart,
place long (buy) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.5455, take profit is at
1.5516, and stop loss is at 1.5394.
The material has been provided by InstaForex Company – www.instaforex.com