During the Tuesday session, GBP/USD recovered after losses in the daily chart. It made a rebound around the level of 1.5199 and now it's testing the resistance zone of 1.5346. Of course, if the pair does a breakout at that level, it would be expected to rise until the 200 SMA, where another important resistance (1.5543) is also located.
As we mentioned above, GBP/USD had bullish momentum and now it's facing the 200 SMA in the H1 chart, which is acting as dynamic resistance. If the pair consolidates above this level, it could rise to the resistance zone of 1.5428. For now, we stick with the idea of a pullback at current levels. The MACD indicator reached overbought levels.
Daily chart's resistance levels: 1.5346 / 1.5543
Daily chart's support levels: 1.5199 / 1.5090
H1 chart's resistance levels: 1.5358 / 1.5428
H1 chart's support levels: 1.5259 / 1.5158
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5259, take profit is at 1.5158, and stop loss is at 1.5358.
The material has been provided by InstaForex Company - www.instaforex.com