On the daily chart, the GBP/USD pair found support at the level of 1.5642, where the pair has been slowed by the bullish force that has been concentrated in this area. In addition, the GBP/USD pair could conduct a rebound at this support level and climb to the resistance level of 1.5746. If the GBP/USD pair makes a breakout at that level, it would be expected to go up to the resistance level of 1.5883 in the medium term. Remember that this pair formed a fractal below the 1.5642 level. The MACD indicator remains in the negative territory.
Daily chart's resistance levels: 1.5746 / 1.5883
Dailychart's support levels: 1.5642 / 1.5506
The GBP/USD pair has moved in a range below the resistance level of 1.5686, because this pair is forming a bearish pattern to fall to the support level of 1.5590, although the level of 1.5632 could stop these falls in the H1 chart. On the other hand, if the GBP/USD pair takes a rebound at current levels, it would be expected to rise to the resistance level of 15686.
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
