On the daily chart, bears are still taking control of the situation with GBP/USD, which is currently looking to trade until the support level of 1.5169. Now, we should expect a bearish pattern formation before any attempt to break lower. However, a rebound could happen over there, pushing the Cable up to the resistance zone at 1.5256.
GBP/USD is looking to break the support
level of 1.5223 after a lower low pattern formation showed on H1
chart. 200 SMA is still pointing to the downside. That’s why we
keep on the outlook that adds strength to bears on an intraday
basis. MACD indicator is entering the negative territory, which could support the idea mentioned above.
Daily chart’s resistance
levels: 1.5256 / 1.5344
Daily chart’s support
levels: 1.5169 / 1.5030
H1 chart’s resistance
levels: 1.5285 / 1.5341
H1 chart’s support levels:
1.5223 / 1.5166
Trading recommendations for today: Based on the H1 chart,
place sell (short) orders only if the GBP/USD pair breaks a bearish
candlestick; the resistance level is at 1.5223, take profit is at
1.5166, and stop loss is at 1.5283.
The material has been provided by InstaForex Company – www.instaforex.com