The range established between the levels of 1.4948 and 1.4820 is serving as a good territory for look to sell trades. The GBP/USD pair could perform a breakout at the support zone arond 1.4820 with a target at 1.4649 in the daily chart. Also, the 200 SMA on this time frame is still pointing to the downside.
At the H1 chart, the GBP/USD pair is dealing with an important intraday zone, because it is trading in the half of the 200 SMA, which could be a dynamic resistance or support. At the moment, it seems to be resistance, as the pair is trading below that level. We could expect more falls, only if the GBP/USD pair makes a breakout at the support level of 1.4842.
Daily chart's resistance levels: 1.4948 / 1.5087
Dailychart's support levels: 1.4820 / 1.4649
H1 chart's resistance levels: 1.4921 / 1.4984
H1 chart's support levels: 1.4842 / 1.4771
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 1.4842, take profit is at 1.4771, and stop loss is at 1.4915.
The material has been provided by InstaForex Company - www.instaforex.com
