The range movements still dominates over the current trend of GBP/USD, at least on the daily chart, because this pair has found strong resistance at the level of 1.5642, so that the next target would be the support level of 1.5506, which is a low range level. However, we can not even speak of a clear and definite trend in the GBP/USD. The MACD indicator is entering neutral territory.
Dailychart's resistance levels: 1.5642 / 1.5746
Dailychart's support levels: 1.5506 / 1.5407
On the H1 chart, the GBP/USD is trying to form a pattern below bearish resistance level of 1.5632 and 200-day moving average, so the bearish bias remains intact, and even the support level of 1.5590 remains the closest goal in the bearish road for the GBP/USD. If the pair manages to make a breakout in that area, it would be expected to fall to the level of 1.5534.
H1 chart's resistance levels: 1.5632 / 1.5686
H1 chart's support levels: 1.5590 / 1.5534
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 1.5590, take profit is at 1.5534, and stop loss is at 1.5650.
The material has been provided by InstaForex Company - www.instaforex.com
