The GBP/USD pair continues to find support on the bearish trend line at the level of 1.5635, which is prompting the pair to strengthen the current bearish trend on H4 chart. However, the GBP/USD pair could form a double bottom pattern to rise again to the resistance level of 1.5698. The aforesaid movement may be a corrective move in favor of the bearish trend and the following objective remains at the support level of 1.5512. The MACD indicator remains in the positive territory.
H4chart's resistance levels: 1.5698 / 1.5811
H4chart's support levels: 1.5600 / 1.5512
On the H1 chart, GBP/USD had a fall from the level of 1.5735 to the 1.5632 support level. A break of that support level could bring this pair to fall to the 1.5590 level in the short term. For now, we recommend using caution when placing buy orders at the current levels, because the GBP/USD pair is still holding firmly in the bearish bias.
H1 chart's resistance levels: 1.5686 / 1.5739
H1 chart's support levels: 1.5632 / 1.5590
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 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.
The material has been provided by InstaForex Company - www.instaforex.com
