The GBP/USD pair remains above the support level of 1.5642, where this pair made a rebound. So, this pair is likely to go up to the resistance level of 1.5746. However, it should be emphasized that the GBP/USD pair is forming a bearish pattern. In case of a breakout at the level of 1.5643, this pair will probably touch the support level of 1.5506. Now, the GBP/USD pair remains below the 200 SMAin the daily chart.
Dailychart's resistance levels: 1.5746 / 1.5883
Dailychart's support levels: 1.5642 / 1.5506
On the H1 chart, the GBP/USD pair made a pullback to the 200-day moving average. As the pair has consolidated above the support level of 1.5686, a bullish consolidation above the resistance level of 1.5739 could endanger the overall current bearish trend in GBP/USD, at least in the medium term. The MACD indicator is moving into the negative territory.
H1 chart's resistance levels: 1.5739 / 1.5810
H1 chart's support levels: 1.5686 / 1.5632
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 1.5686, take profit is at 1.5632, and stop loss is at 1.5739.
The material has been provided by InstaForex Company - www.instaforex.com
