The GBP/USD showed a rebound at the support level of 1.6004, so far, this pair is consolidating above the 1.6051 level, but keep in mind that the bearish trend line is near the 1.6115 level and can act as a strong resistance for GBP/USD on H4 chart. Meanwhile, the GBP/USD is still dominated by the bearish bias, since the 200 SMA remains above the current price of GBP/USD. The MACD indicator is in neutral territory.
H4chart's resistance levels: 1.6247 – 1.6435
H4 chart's support levels: 1.6051 - 1.6004
On the H1 chart, GBP/USD failed to consolidate below the 1.6075 level and now this pair is conducting a breakout at that level to the resistance level of 1.6117, where the 200-day moving average is located. If this pair does make a breakout at that resistance level, the GBP/USD can revert for several days, taking into account that the MACD indicator is trying to break into positive territory.
H1 chart's resistance levels: 1.6075 – 1.6117
H1 chart's support levels: 1.6031 – 1.5980
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6031, take profit is at 1.5980, and stop loss is at 1.6083.
The material has been provided by InstaForex Company - www.instaforex.com
