GBP/USD is still riding the current bullish momentum held above the 200 SMA on the daily chart. , it is possible that the resistance zone of 1.5640 could be broken in coming days. If that happens, GBP/USD will test a high around the level of 1.5777 again. Very strong resistance is located in this
The short-term picture is
still calling for more upside moves, as the pair is approaching to
the resistance zone of 1.5633. We should expect a breakout over there
in order to extend the rally towards the resistance level of 1.5664.
Anyway, if a pullback happens at this stage, GBP/USD could correct
the currrent upside move until the 200 SMA on the H1 chart.
resistance levels: 1.5640 / 1.5777
support levels: 1.5543 / 1.5450
H1 chart’s resistance
levels: 1.5633 / 1.5664
H1 chart’s support levels:
1.5594 / 1.5568
Trading recommendations for today: Based on the H1 chart,
place buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.5633, take profit is at
1.5664, and stop loss is at 1.5602.
The material has been provided by InstaForex Company – www.instaforex.com