On the daily chart, the
GBP/USD pair found support at the level of 1.5642, where the pair has been
slowed by the bullish force that has been concentrated in this area.
In addition, the GBP/USD pair could conduct a rebound at this support level
and climb to the resistance level of 1.5746. If the GBP/USD pair makes a
breakout at that level, it would be expected to go up to the resistance
level of 1.5883 in the medium term. Remember that this pair formed a
fractal below the 1.5642 level. The MACD indicator remains in
the negative territory.
resistance levels: 1.5746 / 1.5883
support levels: 1.5642 / 1.5506
The GBP/USD pair has moved in
a range below the resistance level of 1.5686, because this pair is
forming a bearish pattern to fall to the support level of 1.5590,
although the level of 1.5632 could stop these falls in the H1 chart.
On the other hand, if the GBP/USD pair takes a rebound at current levels,
it would be expected to rise to the resistance level of 15686.
H1 chart’s resistance levels:
1.5686 / 1.5739
H1 chart’s support levels:
1.5632 / 1.5590
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 1.5632, take profit is at
1.5590, and stop loss is at 1.5672.
The material has been provided by InstaForex Company – www.instaforex.com