On the daily chart, the GBP/USD pair keeps on trying to build the road to reach the 200-day moving average, because this pair still remains strong in the bearish trend. However, in the short term, to enable GBP/USD to perform the mentioned above, this pair has to rise to the resistance level of 1.5883 to make a breakout at the level of 1.5746.
Dailychart's resistance levels: 1.5746 / 1.5883
Dailychart's support levels: 1.5642 / 1.5506
The GBP/USD pair has done again one rebound on the 200-day moving average. This pair has been unable to consolidate below the strong support level of 1.5686, though the chances that the pair will attempt to strengthen the bearish trend in the short term are very high. So, it is advisable to wait for a breakout in that area to continue placing sell orders.
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
