GBP/USD is doing some recover moves above the support level of 1.5296 focusing on the 200 SMA in the H1 chart. We should expect a pullback around that level pointing across the level of 1.5296 level again. In another scenario, we still would
like to see a lower continuation towards the psychological
zone of 1.5200 on a short term basis. The MACD indicator is currently favoring a bullish corrective bias.
H1 chart’s resistance
levels: 1.5339 / 1.5368
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 at 1.5296, take profit is at
1.5262, and stop loss is at 1.5330.
The material has been provided by InstaForex Company – www.instaforex.com