The pair seeks to perform a bearish consolidation below the support level of 1.5169, which should open the doors to testing the next support located around the level of 1.5030. By the way, there could happen some rebounds during the process, because the cable seems to be oversold in lower time frames. The MACD indicator remains at the negative territory.
On the H1 chart, GBP/USD is forming another bearish pattern below the resistance level of 1.516,6 and this should be the way to test the next support at the level of 1.5103. If a breakout to the downside takes place there, it could fall until the level of 1.5035 in coming hours. The MACD indicator is entering the positive territory.
Daily chart's resistance levels: 1.5169 / 1.5256
Daily chart's support levels: 1.5030 / 1.4955
H1 chart's resistance levels: 1.5166 / 1.5223
H1 chart's support levels: 1.5103 / 1.5035
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.5103, take profit is at 1.5035, and stop loss is at 1.5176.
The material has been provided by InstaForex Company - www.instaforex.com