GBP/USD is consolidating above the support level of 1.5479 on the daily chart, looking for an opportunity to break higher above the 200 SMA in coming days. We are still watching the dynamic resistance offered by that moving average. Eventually, the pair could turn lower until the support zone of 1.5344.
On the H1 chart, the cable is reaching the
rebound zone offered by the 200 SMA and it would be expected to break
resistance zone of 1.5516 in order to test the level of 1.5561. However,
if GBP/USD does a breakout below the level of 1.5468, it would be
expected to reach the level of 1.5417, only when that scenario happens.
Daily chart’s resistance
levels: 1.5559 / 1.5634
Daily chart’s support
levels: 1.5479 / 1.5344
H1 chart’s resistance
levels: 1.5516 / 1.5561
H1 chart’s support levels:
1.5468 / 1.5417
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 1.5516, take profit is at
1.5561, and stop loss is at 1.5473.
The material has been provided by InstaForex Company – www.instaforex.com