On the daily chart, the GBP/USD pair continues to struggle against the force of bears and one such attempt is the bullish consolidation above the support level of 1.5642. In this area, the GBP/USD pair could climb back to the resistance level of 1.5746 to take a new look and pursue the overall bearish trend, because this pair still remains below the 200-day moving average.
Dailychart's resistance levels: 1.5746 / 1.5883
Dailychart's support levels: 1.5642 / 1.5506
In the intraday outlook, the GBP/USD pair is trying to form bullish patterns above the 200-day moving average, because the support level of 1.5632 has been quite strong in the last hours, which leads this pair to perform rebounds in the bullish bias. If the GBP/USD pair manages to make a breakout at the level of 1.5686, the next target would be the resistance level of 1.5739, which would cancel the bearish trend for the rest of the week.
H1 chart's resistance levels: 1.5590 / 1.5632
H1 chart's support levels: 1.5534 / 1.5501
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
