The 200 SMA on the daily chart is still pointing downwards in our medium term outlook for the GBP/USD pair. During the last session, this pair continues moving in favor of the bearish bias, because its next targets still remain at the support level of 1.5025. Furthermore, the GBP/USD pair could make a rebound above that support and again, rise until the resistance level of 1.5247, because the GBP/USD pair is still looking for more falls in order to look for touching the level of 1.4821 in the medium term.
On a short-term basis, we can see on the H1 chart that the GBP/USD pair found a supply force at the resistance level of 1.5169, and a confirmation of that is the formation of one fractal at yesterday's high levels. Anyway, the GBP/USD pair is still bearish in the short term with a target placed at the support level of 1.5084, where this pair has to perform a breakout to continue falling until the 1.5034 level, a good trade for scalpers.
Daily chart's resistance levels: 1.5247 / 1.5424
Dailychart's support levels: 1.5025 / 1.4821
H1 chart's resistance levels: 1.5169 / 1.5251
H1 chart's support levels: 1.5084 / 1.5034
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 1.5084, take profit is at 1.5034, and stop loss is at 1.5134.
The material has been provided by InstaForex Company - www.instaforex.com
