At the H4 chart, the GBP/USD is facing to the resistance level of 1.5589, where the price action has shown in the past that this pair has some difficulties to overcome this area on a bullish tone. Therefore, the GBP/USD should form a higher high pattern above that level and then climb to the resistance level of 1.5698, where the 200-day moving average is located.
H4chart's resistance levels: 1.5589 / 1.5698
H4chart's support levels: 1.5541 / 1.5512
The resistance level of 1.5590 at the H1 chart has been very strong, so the GBP/USD may fall to the support level of 1.5534, supported by the fact that the 200 SMA is located near current levels of this pair, . If the GBP/USD makes a breakout at the support level of 1.5534, the next target would be the 1.5501 level.
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 1.5567.
The material has been provided by InstaForex Company - www.instaforex.com
