The GBP/USD had a bearish session yesterday because the pair made a breakout at the support level of 1.5883. The next goal on the bearish road would be the 1.5746 level. However, the GBP/USD may enter a consolidation phase during today’s session. It should also be noted that the
GBP/USD still remains very weak below the SMA 200. The MACD indicator
is moving into negative territory.
resistance levels: 1.5883/1.6046
support levels: 1.5746/1.5642
On the H1 chart. the GBP/USD
is forming a bearish pattern below the resistance level of 1.5871,
assuming then that this pair is touching new historical low levels.
If GBP/USD manages to overcome the 1.5810 level, it would be expected
to fall to the level of 1.5739. For now, we must be cautious in the
short term for the GBP/USD, because this pair is oversold.
H1 chart’s resistance levels:
1.5871 / 1.5925
H1 chart’s support levels:
1.5810 / 1.5739
Trading recommendations for today: Based on the H1 chart,
place sell (short) orders only if the GBP/USD pair breaks a bearish
candlestick; the support level is at 1.5810, take profit is at
1.5739, and stop loss is at 1.5881.
The material has been provided by InstaForex Company – www.instaforex.com