On the H1 chart, GBP/USD has been trading below the resistance level of 1.5142. Now we should see a kind of pullback towards the support zone around 1.5030. A breakout over there will open the doors to the level of 1.4932 in the short term, as the cable managed to form bearish patterns several days ago. The 200 SMA is still pointing to the downside and the MACD indicator is at the neutral territory.
H1 chart's resistance levels: 1.5142 / 1.5205
H1 chart's support levels: 1.5030 / 1.4932
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 found at 1.5030, take profit is at 1.4932, and stop loss is at 1.5130.
The material has been provided by InstaForex Company - www.instaforex.com