During the last session, the GBP/USD pair had a recovery from the support tested at the 1.5025 level. Currently, the pair is still forming a lower low pattern in order to fall until the support level of 1.4853, but the fact is that a retracement could take place in the coming hours, as the GBP/USD pair is attracting buyers to the current price zone on the daily chart.
From an intraday outlook, we can see the strength of the current bullish trend line that was drawn from the January 23's low. Now, the GBP/USD pair is trying to make a breakout at the resistance level of 1.5084, where the 200 SMA is also located on the H1 chart. We cannot forget this pair could find solid dynamic resistance in that zone. If the GBP/USD pair does a pullback, the next target would be the psycological level of 1.5000.
Daily chart's resistance levels: 1.5247 / 1.5491
Dailychart's support levels: 1.5025 / 1.4853
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
