The GBP/USD pair is conducting a breakout at the level of 1.5698, because this pair intends to go up to where the 200-day moving average is located on the H4 chart. This move is probably since the GBP/USD pair managed to consolidate above the bearish trend line that was putting pressure on the level of 1.5650. However, for the rest of the week, movements in a low range are expected.
H4chart's resistance levels: 1.5811 / 1.5874
H4chart's support levels: 1.5698 / 1.5589
On the H1 chart, the GBP/USD pair found dynamic support at the 200-day moving average after forming a bullish pattern above the support level of 1.5632. Technically, the GBP/USD pair could rise to the resistance level of 1.5739. However, the bearish outlook is still valid for this pair as on higher charts, GBP/USD is below the 200-day moving average.
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
