GBP/USD is looking for a strong support at the level of 1.4948 and we can see a strong bearish
momentum on the daily chart. That support
zone is very important, as the GBP/USD pair has not broken it yet. In case the pair breaks that level, the
next important lower low is seen the level of 1.4820.
During the wednesday session,
the GBP/USD pair did a false breakout at the support level of 1.4948. It remains alive in the lower low pattern formation on the H1
chart now. That retracement was expected, as the pair was very bearish and
it could lower into the oversold levels in minor timeframes. The
next resistance is seem at the level of 1.5028.
resistance levels: 1.5086 / 1.5247
support levels: 1.4948 / 1.4820
H1 chart’s resistance
levels: 1.5028 / 1.5097
H1 chart’s support levels:
1.4948 / 1.4891
Trading recommendations for today: Based on the H1 chart,
place short (sell) orders only if the GBP/USD pair breaks a bearish
candlestick; the support level is at 1.4948, take profit is at
1.4891, and stop loss is at 1.5010.
The material has been provided by InstaForex Company – www.instaforex.com