On the daily chart, the GBP/USD pair gained a bullish momentum above the support level of 1.5746, where the pair is trying to reach the level of 1.5883. If the GBP/USD pair manages to make a breakout in that area, the next target would be the 1.6046 level. However, the GBP/USD pair could enter a phase of
consolidation in the coming days due to low liquidity expected on the American markets. The MACD remains in the positive territory.
resistance levels: 1.5883 / 1.6046
support levels: 1.5746 / 1.5642
The GBP/USD pair is forming a
bullish pattern below the resistance level of 1.5810. If this pair
makes a pullback at the current levels, GBP/USD
is likely to fall to the support level of 1.5749, although the pair is still keeping enough
bullish force. The MACD indicator is entering the overbought area.
H1 chart’s resistance levels:
1.5810 / 1.5871
H1 chart’s support levels:
1.5739 / 1.5686
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 1.5739, take profit is at
1.5686, and stop loss is at 1.5795.
The material has been provided by InstaForex Company – www.instaforex.com