The markets are running into a dominant bias established after the Fed’s meeting, and the US Dollar is now weak, pushing higher the GBP/USD pair towards new untouched levels. Currently, the pair is trading above the 200 SMA on the daily chart and the
closest resistance is located around the level of 1.5634. The MACD indicator
is moving at the positive territory.

On the H1 chart, there is a bullish rally
ongoing above the support level of 1.5661. Now it is facing a
strong resistance around 1.5609, the level which should be broken
in order to reach new highs at least until 1.5655. On the other hand, a pullback at current levels will push lower the cable
until the level of 1.5516.

Daily chart’s resistance
levels: 1.5479 / 1.5559

Daily chart’s support
levels: 1.5329 / 1.5181

H1 chart’s resistance
levels: 1.5609 / 1.5655

H1 chart’s support levels:
1.5561 / 1.5516

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 1.5609, take profit is at
1.5655, and stop loss is at 1.5561.

The material has been provided by InstaForex Company – www.instaforex.com