The range established between
the levels of 1.4948 and 1.4820 is serving as a good territory for
look to sell trades. The GBP/USD pair could perform a breakout at
the support zone arond 1.4820 with a target at 1.4649 in the daily chart. Also, the 200 SMA on this time frame is still
pointing to the downside.
At the H1 chart, the GBP/USD pair is dealing with an important intraday zone, because it is trading in
the half of the 200 SMA, which could be a dynamic resistance or
support. At the moment, it seems to be resistance, as the pair is
trading below that level. We could expect more falls, only if the
GBP/USD pair makes a breakout at the support level of 1.4842.
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 / 1.4771
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
1.4771, and stop loss is at 1.4915.
The material has been provided by InstaForex Company – www.instaforex.com