Bears are those who affect the current movements in the GBP/USD pair on the daily chart again, as the pair is trading lower and still below the resistance level of 1.5491. One could expect a fall to the support level of 1.5247, but the GBP/USD pair will continue to fall breaking that support zone in the coming days. The MACD indicator is entering to a negative territory.
An intraday outlook shows that the GBP/USD pair will find a solid support at the 1.5340 level, because that zone have been showing strength during the last week. At this point, the pair is trading below the 200 SMA and the H1 chart is showing a more solid bearish trend, but the GBP/USD pair could eventually test the resistance level of 1.5413 again.
Daily chart's resistance levels: 1.5761 / 1.5957
Dailychart's support levels: 1.5491 / 1.5247
H1 chart's resistance levels: 1.5413 / 1.5455
H1 chart's support levels: 1.5340 / 1.5257
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 1.5413, take profit is at 1.5455, and stop loss is at 1.5370.
The material has been provided by InstaForex Company - www.instaforex.com
