On the daily chart, GBP/USD has been trading above the support level of 1.5169, where we expect a strong rebound, which should take this pair to higher levels. Current structure is calling for more downside room, but before further bearish moves. The cable should correct the decline held from the pullback
around the 200 SMA.
The cable continues trading sideways, as the pair keeps trading above the support level of
1.5166, where a breakout should happen to test the next key low zone
around the level of 1.5103. However, as the corrections could be
extended, the GBP/USD pair will test the resistance at 1.5223 again.
Daily chart’s resistance
levels: 1.5256 / 1.5344
Daily chart’s support
levels: 1.5169 / 1.5030
H1 chart’s resistance
levels: 1.5223 / 1.5285
H1 chart’s support levels:
1.5166 / 1.5103
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 1.5166, take profit is at
1.5103, and stop loss is at 1.5229.
The material has been provided by InstaForex Company – www.instaforex.com