On the daily chart, the GBP/USD has not yet found out in what range it is now, because this pair is forming a bearish pattern below the resistance level of 1.5746. The GBP/USD may perform a breakout at the level of 1.5642, but we must remember that this level has been very strong in recent days. Hence the GBP/USD could made a retracement at the resistance level of 1.5883 in the medium term.
Dailychart's resistance levels: 1.5746 / 1.5883
Dailychart's support levels: 1.5642 / 1.5506
The GBP/USD had a bearish session during yesterday, as this pair has consolidated back below the 200-day moving average on the H1 chart. However, the possibility that the GBP/USD will form a double bottom pattern in the support level of 1.5590 is not precluded. If it does, this pair could rise again to the resistance level of 1.5739. The MACD indicator remains in negative territory.
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