The GBP/USD pair is still trapped on the bearish range established between the levels of 1.4948 and 1.4820. Also, the pair is forming a lower low pattern, so we could expect more downside moves in the medium and long terms. By the way, a correction move above the resistance zone at 1.4948 is still expected. The MACD indicator is at positive territory.
In the intraday view, GBP/USD moved above the 200 SMA. Now, it's consolidaing above the support level at 1.4921 and looking to reach the resistance zone of 1.4968. That level is very strong and there could be a pullback on the road, as the pair is trying to ride the overall bearish trend.
Daily chart's resistance levels: 1.4948 / 1.5086
Dailychart's support levels: 1.4820 / 1.4649
H1 chart's resistance levels: 1.4921 / 1.4968
H1 chart's support levels: 1.4921 / 1.4842
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 1.4921, take profit is at 1.4842, and stop loss is at 1.4999.
The material has been provided by InstaForex Company - www.instaforex.com
