The GBP/USD pair is trying to reach new low levels during this week, as this pair peformed a breakout at the support level of 1.5025. It opened the way for more falls to the support level of 1.4853 that could be reached in the coming days. Also, the main bias on the GBP/USD pair remains very bearish, because the 200 SMA is still pointing to the downwards.
On the H1 chart, the GBP/USD pair is currently forming a lower low pattern below the 200 SMA. Besides, this pair seems to have formed a double top pattern next to the resistance level of 1.5030. Currently, the short-term targets remain at the 1.4927 and 1.4849 levels, as the GBP/USD continues to stay bearish at least in the short term. The MACD indicator stays in the positive territory, but in the coming days, that situation could change.
Daily chart's resistance levels: 1.5025 / 1.5247
Dailychart's support levels: 1.4853 / 1.4714
H1 chart's resistance levels: 1.5000 / 1.5084
H1 chart's support levels: 1.4927 / 1.4849
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 1.4927, take profit is at 1.4849, and stop loss is at 1.5006.
The material has been provided by InstaForex Company - www.instaforex.com
