On the daily chart, the GBP/USD pair still finds strong support at 1.5642, which would strengthen further the current bearish outlook for this pair, because the GBP/USD pair is forming a bearish pattern. However, we must emphasize the fact that this pair has formed three fractals below the 1.5642 level. The MACD indicator remains in the positive territory.
Dailychart's resistance levels: 1.5746 / 1.5883
Dailychart's support levels: 1.5642 / 1.5506
The GBP/USD still finds dynamic resistance at the 200 SMA, although it does not change the fact that this pair remains strong in the overall bearish bias. Therefore, during today's session the GBP/USD pair is likely to fall back to the support level of 1.5632, although caution is advised when making short-term trading at present. The MACD indicator remains in the 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
