The GBP/USD pair is trying to make a pullback at the resistance level of 1.5698, because this still remains weak in the H4 chart. The bearish trend could extend to the level of 1.5512, but GBP/USD could perform retracement again to the level of 1.5811. This pair is trying to form a fractal at the level of 1.5698, which would confirm the strong current bearish bias. The MACD is moving into the positive territory.
H4chart's resistance levels: 1.5698 / 1.5811
H4chart's support levels: 1.5589 / 1.5512
In the H1 chart, GBP/USD has formed a fractal above the 200-day moving average, which would confirm the bearish continuation for this pair. The GBP/USD could fall to the support level of 1.5632 in the coming hours. If the GBP/USD pair does a breakout at that level, the next target would be the 1.5590 level. The MACD indicator is entering the overbought area.
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
