On the daily chart, the GBP/USD pair continues forming a bearish pattern above the support level of 1.5642, so this pair has moved into a low range in the recent days. However, the correction in the GBP/USD pair could extend to the level of 1.5883 in the medium term. Note that this pair formed a fractal in the level of 1.5746. The MACD indicator is in the neutral territory.
H4chart's resistance levels: 1.5746 / 1.5883
H4chart's support levels: 1.5642 / 1.5506
The GBP/USD pair has made a breakout at the level of 1.5686 and now GBP/USD is facing resistance at the 200 SMA on the H1 chart. If the GBP/USD pair manages to form a bullish pattern over the area, the next target would be the resistance level of 1.5739, which is the high of November 20th. The bearish road at the support levels are 1.5686 and 1.5632. The MACD indicator is entering the overbought area.
H1 chart's resistance levels: 1.5739 / 1.5810
H1 chart's support levels: 1.5686 / 1.5632
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 1.5686, take profit is at 1.5632, and stop loss is at 1.5740.
The material has been provided by InstaForex Company - www.instaforex.com
