The GBP/USD pair continues to consolidate in the bearish trend below the resistance level of 1.5642, although the pair is making bullish retracements on the daily chart. For now, the hypothesis that the GBP/USD pair will develop a bearish structure is highly probable, therefore it is advisable to wait until this pair makes a breakout at the support level of 1.5506.
Dailychart's resistance levels: 1.5642 / 1.5746
Dailychart's support levels: 1.5506 / 1.5407
On the H1 chart, GBP/USD has recovered significantly from the level of 1.5555, as this pair had a bullish momentum short and it is likely to reach the resistance level of 1.5590 soon. During today's session, the GBP/USD pair may even consolidate above the 200-day moving average. The MACD indicator remains in the positive territory.
H1 chart's resistance levels: 1.5590 / 1.5632
H1 chart's support levels: 1.5534 / 1.5501
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 1.5534, take profit is at 1.5501, and stop loss is at 1.5568.
The material has been provided by InstaForex Company - www.instaforex.com
