The GBP/USD has not yielded to the force of the bulls on the daily chart, because this pair continues to form bearish candlesticks and is also trying to find a solid bottom to begin to form a lower low pattern. On the downside, the support level of 1.5015 remains the next goal The MACD indicator remains in negative territory.
Dailychart's resistance levels: 1.5159 / 1.5266
Dailychart's support levels: 1.5015 / 1.4894
On the H1 chart, GBP/USD has moved into a range below the resistance level of 1.5110. For now, the GBP/USD remains strong in the bearish bias on a short-term basis, but this could change if the pair makes a breakout of the resistance level of 1.5146 and rises to the level of 1.5200. The MACD indicator is entering neutral territory.
H1 chart's resistance levels: 1.5110 / 1.5146
H1 chart's support levels: 1.5074 / 1.5018
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 1.5074, take profit is at 1.5018, and stop loss is at 1.5131.
The material has been provided by InstaForex Company - www.instaforex.com
