The volatility took place
yesterday in all the US dollar pairs as the Federal Reserve’s
chairwoman, Janet Yellen, made a speech regarding monetary policy.
The GBP/USD is now trading very close to the resistance level of
1.4948. The next target for the pair in the upside road would be
the zone of 1.5110. The MACD indicator is entering the oversold
territory on the daily chart.
Yesterday, we saw strong
bullish movements of the GBP/USD, but now the pair is finding dynamic
resistance at the level of 1.4921 where the 200 SMA is located on the H1 chart. For now, we could expect a breakout at the support zone
of 1.4842 in order to reach the level of 1.4697. On the other hand,
if the GBP/USD breaks the resistance zone of 1.4921, it would be
expected to rise to the level of 1.5042.
resistance levels: 1.4948 / 1.5110
support levels: 1.4820 / 1.4649
H1 chart’s resistance
levels: 1.4921 / 1.5042
H1 chart’s support levels:
1.4842 / 1.4697
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 1.4842, take profit is at
1.4697, and stop loss is at 1.4985.
The material has been provided by InstaForex Company – www.instaforex.com