On the daily chart, the GBP/USD continues to move in favor of the bearish trend, because this pair encountered strong resistance at the level of 1.6146, an area that has hampered further progress in the GBP/USD, so the nearest target remains the 1.5883 level, a support level having been strong in recent weeks. However, if the GBP/USD hits a breakout at the level of 1.6046, it's expected to rise to the level of 1.6146.
Dailychart's resistance levels: 1.6046 / 1.6146
Daily chart's support levels: 1.5883 / 1.5746
The GBP/USD has made a rebound on the support level of 1.5980, because this pair has not significantly changed in the current trend. However, the GBP/USD is approaching the 200 SMA on the H1 chart, because this level could serve as dynamic resistance for this pair. the GBP/USD could continue the bearish trend in the short term, if the pair manages to consolidate below the 1.5980 level.
H1 chart's resistance levels: 1.6031 / 1.6075
H1 chart's support levels: 1.5980 / 1.5925
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 1.5980, take profit is at 1.5925, and stop loss is at 1.6035.
The material has been provided by InstaForex Company - www.instaforex.com
