On the H4 chart, the bearish consolidation in the GBP/USD pair is still alive, because this pair is attempting to make a breakout at the resistance level of 1.5148 to rise to the level of 1.5341 in the medium term. For this to come to be met, the GBP/USD pair should form a higher high pattern above the 1.5200 psychological level. The MACD indicator remains in the positive territory.
H4chart's resistance levels: 1.5341 / 1.5485
H4chart's support levels: 1.5148 / 1.5017
GBP/USD has gained positions above the support level of 1.5146, so that the next target in the short term would be the resistance level of 1.5198. This recovery in the GBP/USD pair was imminent, because this pair has been in a steep decline for several days. Therefore, caution should be exercised when placing buy orders with targets in the medium term.
H1 chart's resistance levels: 1.5198 / 1.5249
H1 chart's support levels: 1.5146 / 1.5110
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 1.5146, take profit is at 1.5110, and stop loss is at 1.5183.
The material has been provided by InstaForex Company - www.instaforex.com
