On the daily chart, the GBP/USD pair had a strong bullish momentum that allowed this pair to touch the resistance level of 1.5491. This is the closest hurdle for the bullish bias of the GBP/USD pair, because in this time frame the pair is still below the 200 SMA which is also bearish. So, for now, we recommend waiting for a bullish pattern formation.
From the intraday outlook, we can see a higher high pattern developing above the support level of 1.5413, and the GBP/USD pair could perform a breakout at the resistance level of 1.5457, with a bullish target placed at the 1.5508 level. On the other side, there are still chances that the pair does a pullback to the support level of 1.5413.
Daily chart's resistance levels: 1.5491 / 1.5761
Dailychart's support levels: 1.5247 / 1.5025
H1 chart's resistance levels: 1.5457 / 1.5508
H1 chart's support levels: 1.5413 / 1.5378
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 1.5457, take profit is at 1.5508, and stop loss is at 1.5405.
The material has been provided by InstaForex Company - www.instaforex.com
