On the H4 chart, the GBP/USD pair is trying to consolidate back above the support level of 1.5541 and next to the current levels. This pair has formed a fractal, which has allowed the GBP/USD pair to form a bearish pattern to continue falling. However, GBP/USD may perform a retracement until the resistance level of 1.5589. The MACD indicator is moving into the positive territory.
H4 chart's resistance levels: 1.5589 / 1.5698
H4chart's support levels: 1.5541 / 1.5512
During the meeting of December 24, GBP/USD made a breakout at the level of 1.5534, because this pair is trying to climb to the resistance level of 1.5590 in the short term. For now, the bearish bias still remains intact and the GBP/USD pair could try to consolidate back below the 1.5534 level to strengthen the bearish road. The MACD indicator is entering the overbought area.
H1 chart's resistance levels: 1.5590 / 1.5632
H1 chart's support levels: 1.5534 / 1.5501
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 1.5534, take profit is at 1.5501, and stop loss is at 1.5568.
The material has been provided by InstaForex Company - www.instaforex.com
