The GBP/USD pair has managed to rebound above the bearish trend line at the 1.5600 level, because this pair is trying to reach the resistance level of 1.5698. This approach is important, since the GBP/USD pair could go up to where the 200-day moving average is located on the H4 chart. If this pair hits a breakout in that area, it would be expected to rise to the level of 1.5811.
H4chart's resistance levels: 1.5698 / 1.5811
H4chart's support levels: 1.5589 / 1.5541
On the H1 chart, the GBP/USD pair finds dynamic resistance in the 200 SMA. So, this pair is likely to fall to the support level of 1.5632. If the GBP/USD pair manages to make a bearish consolidation below this area, the next target would be the 1.5590 level in the short term. However, the possibility that this pair will breaks the level of 1.5685 is not excluded.
H1 chart's resistance levels: 1.5686 / 1.5739
H1 chart's support levels: 1.5632 / 1.5590
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
