The GBP/USD pair is trying to make
a breakout at the resistance level of 1.5700, to extend the
corrective movements to the level of 1.5811 on H4 chart. However, the
GBP/USD pair is preparing the ground to fall to the next target in the
bearish road at the level of 1.5512. The GBP/USD pair remains below the
200 SMA and MACD indicator remains in the positive territory.
resistance levels: 1.5700 / 1.5811
support levels: 1.5698 / 1.5512
In the H1 chart, the GBP/USD
pair is forming a higher high pattern above the 200-day moving average, as
this pair is trying to make a breakout at the resistance level of
1.5739, to climb to the level of 1.5810. On the other hand, we can
see that this pair could find dynamic resistance at the 200-day
moving average and fall to the level of 1.5632.
H1 chart’s resistance levels:
1.5739 / 1.5810
H1 chart’s support levels:
1.5686 / 1.5632
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 1.5686, take profit is at
1.5632, and stop loss is at 1.5740.
The material has been provided by InstaForex Company – www.instaforex.com