Technical outlook and chart setups:
The GBP/USD pair has been rallying steadily since the levels of 1.5000 as seen here on the H4 chart. The upside potential still remains at the levels of 1.5650 as depicted. It is recommended to initiate long positions on the pair around the levels of 1.5450 with an upside target of the levels of 1.5650. Immediate support is seen at 1.5325 followed by 1.5200, 1.5025 and lower, while resistance is seen at the levels of 1.5620 followed by 1.5800 and higher, respectively. Bulls are poised to remain in control util prices stay above the levels of 1.5320 and, subsequently, 1.5200. A meaningful correction can be expected at 1,5650 and higher.
Trading recommendations:
Remain flat for now. Look to buy around 1.5450.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
