The GBP/USD pair made a pullback at the level of 1.5811 on H4 chart, because this pair lost bullish force during yesterday’s session, in which the American markets had low liquidity due to the celebration of Thanksgiving Day. The GBP/USD pair is likely to make a rebound on the bearish trend line that is located at the 1.5700 level, although this area is very weak at the technical level.
On the bearish road, the GBP/USD pair finds support at the 1.5589 level. The
MACD indicator is moving into the negative territory.
resistance levels: 1.5811 / 1.5874
support levels: 1.5698 / 1.5589
On the H1 chart, the GBP/USD
pair still finds support on the 200 SMA, which could give it a bullish
momentum. So, this pair is to climb to the resistance level of 1.5810.
However, we must be very careful with the level of 1.5729 which could
act as strong resistance on the H1 chart, bring down GBP/USD
and made it fall to the level of 1.5686 in the short term. The
MACD indicator is entering the oversold zone.
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 1.5739, take profit is at
1.5686, and stop loss is at 1.5795.
The material has been provided by InstaForex Company – www.instaforex.com