The GBP/USD pair continues to weaken to the support level of 1.5698, where this pair is starting to form a bearish pattern, where also a bullish trend line is based one. If this pair makes a rebound at the current levels and takes a retracement, it's expected to rise to the resistance level of 1.5811. On the other hand, if the GBP/USD pair does a breakout at that support level, the next target would be the level of 1.5512 in the medium term. The MACD indicator remains in the negative territory.
H4 chart's resistance levels: 1.5811 / 1.5874
H4chart's support levels: 1.5698 / 1.5512
On the H1 chart, the GBP/USD pair is forming a bearish pattern, because this pair made a successful breakout at the level of 1.5739. Now, the pair finds support at the 1.5686 level. If this pair manages to consolidate below that level, the next target would be set at the level of 1.5632 in the short term. The MACD remains in the neutral territory.
H1 chart's resistance levels: 1.5739 / 1.5810
H1 chart's support levels: 1.5686 / 1.5632
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 at 1.5686, take profit is at 1.5632, and stop loss is at 1.5739.
The material has been provided by InstaForex Company - www.instaforex.com
