The GBP/USD pair had another bullish session during yesterday, as this pair is trading close to the resistance level of 1.5247. Remember that a breakout on that zone could activate buy orders on this pair to the nearest resistance level of 1.5491. Anyway, from a general view, the GBP/USD pair is still forming a bearish pattern and that bias is still valid.
The H1 chart is showing us an interesting price action on the GBP/USD pair, because the pair is currently forming a higher high pattern above the 200 SMA, as a result of a bullish momentum that the GBP/USD pair had during the first hours of the last American session. At the moment, if the pair makes a breakout at the level of 1.5200, the buyers could find resistance at the level of 1.5264.
Daily chart's resistance levels: 1.5247 / 1.5491
Dailychart's support levels: 1.5025 / 1.4853
H1 chart's resistance levels: 1.5200 / 1.5264
H1 chart's support levels: 1.5142 / 1.5084
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5200, take profit is at 1.5264, and stop loss is at 1.5137.
The material has been provided by InstaForex Company - www.instaforex.com
