The GBP/USD pair remains alive in the bearish trend on the daily chart, although this pair continues to make a bullish retracement. However, GBP/USD might find storng resistance at the level of 1.5266. If this pair makes a pullback at that level, the next target would be the support level of 1.5159. The MACD indicator is entering the neutral territory.
Dailychart's resistance levels: 1.5266 / 1.5407
Dailychart's support levels: 1.5159 / 1.5015
On the H1 chart, the GBP/USD pair is forming a bullish pattern above the 200-day moving average. Meanwhile, this pair is preparing to try to consolidate above the resistance level of 1.5249. However, as we had mentioned earlier, the GBP/USD pair could resume bearish bias and fall to the level of 1.5146. The MACD indicator is entering the overbought area.
H1 chart's resistance levels: 1.5249 / 1.5295
H1 chart's support levels: 1.5198 / 1.5146
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 1.5198, take profit is at 1.5146, and stop loss is at 1.5249.
The material has been provided by InstaForex Company - www.instaforex.com
