The GBP/USD pair had a bullish rally above the support level of 1.5698. This pair still finds resistance at the 200-day moving average on the H4 chart. If the GBP/USD pair manages to make a breakout at the level of 1.5825, it is expected to rise to the level of 1.5874 in the short term, although the GBP/USD could fall back below the 1.5698 level.
H4 chart's resistance levels: 1.5825 / 1.5874
H4chart's support levels: 1.5698 / 1.5589
On the H1 chart, the GBP/USD pair is trying to consolidate above the level of 1.5739, but this pair has found strong resistance in that area. So, the GBP/USD pair is likely to fall to the support level of 1.5686, where the 200-day moving average is located. If GBP/USD manages to make a breakout at that level, the next target would be the 1.5632 level. The MACD indicator remains in 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 1.5740.
The material has been provided by InstaForex Company - www.instaforex.com
