The rebound continues to take place on the GBP/USD pair, finding strong support at the level of 1.4820, with a resistance placed at the level of 1.4948. The pair continues to move in favor of the overall bearish bias, as we can see it at the daily chart. The bearish structure is also showing us a
potential short trade, as the GBP/USD pair is forming a lower low pattern.
During the last Friday, the
pair was rejected by the resistance level of 1.4984, where the
GBP/USD pair did a pullback and its trying to stay below the 200 SMA
at the H1 chart now. Eventually, the pair could break the support zone around 1.4842 and fall to the level of 1.4769. That move could
strength the bearish bias during this week.
resistance levels: 1.4948 / 1.5087
support levels: 1.4820 / 1.4649
H1 chart’s resistance
levels: 1.4921 / 1.4984
H1 chart’s support levels:
1.4842 / 1.4769
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
1.4769, and stop loss is at 1.4920.
The material has been provided by InstaForex Company – www.instaforex.com