The GBP/USD pair still finds resistance at the 1.5698 level in the H4 chart. Because of these movements in a range, GBP/USD has formed a fractal at the 1.5565 level. If this pair continues to move beyond this range bearish trend line, it’s expected to rise again to the resistance level of 1.5698. The MACD indicator is moving into the negative territory.
resistance levels: 1.5698 / 1.5811
support levels: 1.5512 / 1.5341
In the H1 chart, the GBP/USD
pair respected the support level of 1.5632, because this pair is forming a
bearish pattern to fall to the level of 1.5590. However, the GBP/USD
pair may perform a retracement to the resistance level of 1.5686, because
this pair still remains strong in the bearish bias. The MACD
indicator is entering the neutral territory, which could translate into
movements in a range for GBP/USD.
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