GBP/USD has already tested the resistance level of 1.5479, where the pair could start to develop a higher high pattern on the daily chart. This level should be broken in order to rise until the 200 SMA, which is located near 1.5559. The
current structure is already calling for more upsides. The MACD indicator
is entering the positive territory.
In the H1 chart, the pair did a pullback at the
resistance level of 1.5469, after a long rally held from the 200 SMA,
which acted as dynamic support. That is why we should wait for upward moves on an intraday basis, also this moving
is currently pointing to the upside. The MACD indicator is
entering the negative territory.
Daily chart’s resistance
levels: 1.5479 / 1.5559
Daily chart’s support
levels: 1.5329 / 1.5181
H1 chart’s resistance
levels: 1.5469 / 1.5494
H1 chart’s support levels:
1.5440 / 1.5402
Trading recommendations for today: Based on the H1 chart,
place buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.5469, take profit is at
1.5494, and stop loss is at 1.5444.
The material has been provided by InstaForex Company – www.instaforex.com