At daily chart, GBP/USD is
looking to find a bottom around the level of 1.5199, where it could start
to form consolidation patterns in favor of the overall bearish trend.
During this week, we expect to see bounces until short-term
resistances, such as the level of 1.5346. The 200 SMA is still favoring downside in this time frame.
The short term-outlook is
bearish and that’s why we would like to enter short trades and no
counter-trend trades. GBP/USD is still showing a very strong
bearish structure which is pointing towards the next support around
the level of 1.5158. The MACD remains in positive territory and
fractals positions are still favoring the downside acceleration.
resistance levels: 1.5346 / 1.5543
support levels: 1.5199 / 1.5090
H1 chart’s resistance
levels: 1.5358 / 1.5443
H1 chart’s support levels:
1.5259 / 1.5158
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 1.5259, take profit is at
1.5158, and stop loss is at 1.5358.
The material has been provided by InstaForex Company – www.instaforex.com