The GBP/USD pair had a very upward move during the session on Wednesday, as the pair is consolidating above the current support level of 1.5491. This rally opens the way for the GBP/USD pair to test the resistance level of 1.5761 in the medium term, because the nearest strong resistance zone is on this timeframe. The MACD indicator is still positive.
The intraday outlook is now very bullish, as the pair is trying to do a rally towards the resistance level of 1.5585 after overcoming the 1.5516 level. Besides, the 200 SMA is bullish and we could see more bullish moves next days, as the GBP/USD pair hasn't reached the overbought levels yet at the oscillators, such as the MACD indicator on the H1 chart.
Daily chart's resistance levels: 1.5761 / 1.5957
Dailychart's support levels: 1.5491 / 1.5247
H1 chart's resistance levels: 1.5516 / 1.5585
H1 chart's support levels: 1.5455 / 1.5413
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 1.5516, take profit is at 1.5585, and stop loss is at 1.5448.
The material has been provided by InstaForex Company - www.instaforex.com
