On the daily chart we can see that the nearest target in the downside road is still located at the support level of 1.5247, because the GBP/USD pair continues to be bearish. The strong rejection by the resistance level of 1.5491 is a clear indication of weakness that this pair is currently having and maybe it is a new start of the general bearish bias, which could be confirmed with a consolidation below the level of 1.5050.
The bearish structure is more clear when we look at the H1 chart, as the GBP/USD pair is being consolidated below the 200 SMA. The fractals formed above the current levels of this pair could be a confirmation of a new short-term bearish trend that GBP/USD is currently riding and, for now, we would expect more falls.
Daily chart's resistance levels: 1.5761 / 1.5957
Dailychart's support levels: 1.5491 / 1.5247
H1 chart's resistance levels: 1.5413 / 1.5455
H1 chart's support levels: 1.5340 / 1.5257
Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5340, take profit is at 1.5257, and stop loss is at 1.5423.
The material has been provided by InstaForex Company - www.instaforex.com
