On the H4 chart, GBP/USD has fallen back to the support level of 1.5148, which is an area where this pair could find solid support during the following hours before closing today's session. However, the bearish bias remains alive in GBP/USD, as this pair is still below the 200-day moving average and also, the MACD indicator is moving into the negative territory.
H4chart's resistance levels: 1.5341 / 1.5485
H4chart's support levels: 1.5148 / 1.5034
The GBP/USD pair has consolidated again below the 200 SMA on the H1 chart. So now, this pair will try to make a breakout at the support level of 1.5146 with the formation of a lower low pattern. If successful, the next target would be the 1.5110 level, but now, the pair is losing bearish intraday momentum.
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 1.5182.
The material has been provided by InstaForex Company - www.instaforex.com
