In the H4 chart, the GBP/USD pair gathered a bullish momentum above the support level of 1.5589, because this pair is trying to gain strength for a breakout at the eve support and fall to the level of 1.5512. The pair up is likely to go up to the resistance level of 1.5811 this week, because the GBP/USD pair has managed to hold above the 1.5698 level, where one bullish trend line is located. In addition, the 200 SMA is approaching the level of 1.5811. The MACD indicator remains in the positive territory.
H4chart's resistance levels: 1.5811 / 1.5874
H4chart's support levels: 1.5698 / 1.5589
The GBP/USD pair is consolidating above the 200 SMA in the H1 chart with the formation of a higher high pattern. The resistance level of 1.5739 could produce a pullback in this pair, so GBP/USD could perform a retracement to the level of 1.5687. Our bearish outlook still remains alive in this pair. So, it is advisable to place sell orders below this zone to the support level of 1.5632. The MACD indicator is in the overbought zone.
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 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.
The material has been provided by InstaForex Company - www.instaforex.com
