IThe current structure still seems to call for more downside moves as the pair is consolidating below the 200 SMA in the H1 chart. We can see a lower low pattern formation above the support level of 1.5296. A breakout below
that zone will expose the GBP/USD pair to test the level of 1.5262. However,
we cannot discard a corrective move until the level of 1.5339.
H1 chart’s resistance
levels: 1.5339 / 1.5365
H1 chart’s support levels:
1.5296 / 1.5262
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 seen at 1.5296, take profit is at
1.5265, and stop loss is at 1.5331.
The material has been provided by InstaForex Company – www.instaforex.com