There is the bullish momentum in the current bias on the daily chart because the GBP/USD pair is trying to perform a breakout at the resistance level of 1.4948 in order to reach the zone of 1.5087. Currently, our odds are in favor of the overall bearish trend because the current structure is showing us that the 200 SMA is bearish.
Now, on the H1 chart, GBP/USD is finding resistance at the level of 1.4984 after being trapped in a low-range zone in the half of the 200 SMA. Anyway, the pair is currently unable to trade in an intraday basis because GBP/USD could perform deeper pull backs to the support level of 1.4842 and later perform some kind of rebound.
Daily chart's resistance levels: 1.4948 / 1.5087
Dailychart's support levels: 1.4820 / 1.4649
H1 chart's resistance levels: 1.4984 / 1.5022
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 1.5001.
The material has been provided by InstaForex Company - www.instaforex.com
