On H1 chart, GBP/USD is trying to extend its bullish rally above the resistance level of 1.5296. A breakout over there will expose it to test the next resistance around the zone of 1.5365. By the way, we can seeing a kind of bullish consolidation above the 200 SMA and this moving average is pointing to the upside. The MACD indicator is entering the negative territory.
H1 chart's resistance levels: 1.5296 / 1.5365
H1 chart's support levels: 1.5205 / 1.5142
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is found at 1.5205, take profit is at 1.5142, and stop loss is at 1.5270.
The material has been provided by InstaForex Company - www.instaforex.com