The GBP/USD pair continues pushing lower to the support level at 1.4649. Also, we can expect that the pair finds strong support at the zone around 1.4649, where it could start to form a bearish pattern. This strong bearish movement came
after a solid lower low pattern formation below the resistance level
of 1.4820 at the daily chart.
The intraday outlook is
showing extreme zones, as the GBP/USD pair is trading near to the support
level of 1.4652. If the pair does a breakout in that zone, the the level of 1.4607 could become the next target in the down side. The bearish
momentum is still strong, because the MACD indicator hasn’t still reach the oversold territory at the H1 chart.
resistance levels: 1.4820 / 1.4948
support levels: 1.4649 / 1.4520
H1 chart’s resistance
levels: 1.4697 / 1.4746
H1 chart’s support levels:
1.4652 / 1.4607
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 1.4652, take profit is at
1.4607, and stop loss is at 1.4697.
The material has been provided by InstaForex Company – www.instaforex.com