GBP/USD has already tested the resistance level of 1.5479, where the pair could start to develop a higher high pattern on the daily chart. This level should be broken in order to rise until the 200 SMA, which is located near 1.5559. The current structure is already calling for more upsides. The MACD indicator is entering the positive territory.
In the H1 chart, the pair did a pullback at the resistance level of 1.5469, after a long rally held from the 200 SMA, which acted as dynamic support. That is why we should wait for upward moves on an intraday basis, also this moving is currently pointing to the upside. The MACD indicator is entering the negative territory.
Daily chart's resistance levels: 1.5479 / 1.5559
Daily chart's support levels: 1.5329 / 1.5181
H1 chart's resistance levels: 1.5469 / 1.5494
H1 chart's support levels: 1.5440 / 1.5402
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 1.5469, take profit is at 1.5494, and stop loss is at 1.5444.
The material has been provided by InstaForex Company - www.instaforex.com