On the H4 chart, the GBP/USD pair still finds strong pressure on the bearish trend line that is located near the 1.5148 level. Now, the GBP/USD pair could concentrate forces for a strong breakout at the 1.5150 level. If it succeeds, this pair is likely to get consolidated in the bullish bias above the level of 1.5235 in the medium term.
H4chart's resistance levels: 1.5341 / 1.5485
H4 chart's support levels: 1.5148 / 1.5017
The GBP/USD pair continues to move in a low range between 1.5198 and 1.5110. So, many traders exercise caution and keep away from trading within this area because of a high trading volume. GBP/USD has no clear trend in the short term. The MACD indicator is entering the neutral territory.
H1 chart's resistance levels: 1.5198 / 1.5249
H1 chart's support levels: 1.5146 / 1.5110
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 1.5146, take profit is at 1.5110, and stop loss is at 1.5183.
The material has been provided by InstaForex Company - www.instaforex.com
