The GBP/USD pair is currently dealing with the resistance level of 1.4948 as the pair is looking to reach the zone of 1.5087 in the near term. Currently, there is still high chances that GBP/USD could extend the corrective move to that level, but the lower low pattern on the daily chart is still alive, so the bearish outlook is there too.
The intraday view is showing us a bullish consolidation above the 200 SMA. The pair continues to find support at the level of 1.4921 and on the H1 chart, the GBP/USD pair could reach the resistance zone of 1.4984. If GBP/USD gains bullish momentum above that zone, it would be expected to rise to the next upside target at the level of 1.5041.
Daily chart's resistance levels: 1.4948 / 1.5087
Dailychart's support levels: 1.4820 / 1.4649
H1 chart's resistance levels: 1.4984 / 1.5041
H1 chart's support levels: 1.4921 / 1.4842
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 1.4921, take profit is at 1.4842, and stop loss is at 1.4998.
The material has been provided by InstaForex Company - www.instaforex.com
