The GBP/USD is still falling and trying to find a solid near-term floor, which could be represented by the support zone around 1.4540 on the daily chart. It should be noted that pair is entering negative territory of the MACD indicator, so the bearish momentum is still alive. Also, we recommend to wait for another bearish formation in order to see new lows.
The bearish structure has been observing over the last hours, as GBP/USD is trying to form another lower low pattern below the resistance level at 1.4612. We could expect some kind of consolidation in the short term, before the pair looks forward to fall to the support area at 1.4462. The MACD indicator neutral.
Daily chart's resistance levels: 1.4649 / 1.4820
Dailychart's support levels: 1.4540 / 1.4424
H1 chart's resistance levels: 1.4612 / 1.4684
H1 chart's support levels: 1.4546 / 1.4462
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 1.4462, and stop loss is at 1.4630.
The material has been provided by InstaForex Company - www.instaforex.com
