GBP/USD is breaking the resistance zone around 1.5125 and now it is looking to reach the next upside target placed at 1.5238. This move is supported by the current short and medium term structure in the lower time frames. Anyway, the overall bias is still bearish and we are still wating for a strong pullback at some point.
The pair is trying to form a higher high pattern below the resistance level of 1.5161 at the H1 chart, after a successful consolidation above the support zone of 1.5096. The current price action favor bulls currently, as GBP/USD has been forming some bullish swings that are strengthening the short term bias.
Daily chart's resistance levels: 1.5125 / 1.5238
Dailychart's support levels: 1.4976 / 1.4820
H1 chart's resistance levels: 1.5161 / 1.5245
H1 chart's support levels: 1.5096 / 1.5047
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 1.5161, take profit is at 1.5245, and stop loss is at 1.5082.
The material has been provided by InstaForex Company - www.instaforex.com