GBP/USD is looking for a strong support at the level of 1.4948 and we can see a strong bearish momentum on the daily chart. That support zone is very important, as the GBP/USD pair has not broken it yet. In case the pair breaks that level, the next important lower low is seen the level of 1.4820.
During the wednesday session, the GBP/USD pair did a false breakout at the support level of 1.4948. It remains alive in the lower low pattern formation on the H1 chart now. That retracement was expected, as the pair was very bearish and it could lower into the oversold levels in minor timeframes. The next resistance is seem at the level of 1.5028.
Daily chart's resistance levels: 1.5086 / 1.5247
Dailychart's support levels: 1.4948 / 1.4820
H1 chart's resistance levels: 1.5028 / 1.5097
H1 chart's support levels: 1.4948 / 1.4891
Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4948, take profit is at 1.4891, and stop loss is at 1.5010.
The material has been provided by InstaForex Company - www.instaforex.com
