On the daily chart, we are still watching a bullish pattern formation, as the GBP/USD pair is trying to make a breakout at the resistance level of 1.5247, but it appears that level seems to be much stronger and no easy to break it. Anyway, in the very near term, we could expect more bullish moves at least until the resistance zone of 1.5491, but on the whole, the GBP/USD pair is bearish.
The 200 SMA on the H1 chart is still acting as dynamic support on the GBP/USD pair. In the first hours of Thursday's session, the pair is forming some kind of bullish pattern in order to do a breakout at the resistance level of 1.5249. If successful, it's expected to rise until the upside target at the level of 1.5302, where a 1:1 trade could take place.
Daily chart's resistance levels: 1.5247 / 1.5491
Dailychart's support levels: 1.5025 / 1.4841
H1 chart's resistance levels: 1.5249 / 1.5302
H1 chart's support levels: 1.5210 / 1.5166
Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5249, take profit is at 1.5302, and stop loss is at 1.5196.
The material has been provided by InstaForex Company - www.instaforex.com
