Bears are back in control on he GBP/USD chart as the pair is doing a consolidation below the level of 1.4649. Now, it is likely to reach the support zone around 1.4540, where the pair could perform a breakout and fall to the next important downside target at the 1.4424 in the medium term.
The H1 chart is very bearish for GBP/USD, after the pair achieved forming a lower low pattern below the resistance zone of 1.4684. Currently, GBP/USD is falling and there is a possibility that is can reach the support level at 1.4546 in the very short term. Also, the 200 SMA and MACD indicator are favoring to this downside outlook in the intraday charts.
Daily chart's resistance levels: 1.4649 / 1.4820
Dailychart's support levels: 1.4540 / 1.4424
H1 chart's resistance levels: 1.4633 / 1.4684
H1 chart's support levels: 1.4546 / 1.4442
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 1.4546, take profit is at 1.4442, and stop loss is at 1.4651.
The material has been provided by InstaForex Company - www.instaforex.com
