Tuesday was a relatively slow session for the GBP/USD pair, at least as we can see on the daily chart, because the pair is still trying to break the resistance level of 1.5491. Now, it's just advisable to wait for a solid bullish pattern formation. Below that resistance zone, it's possible more corrective moves in favor of the current upward bias.
On the H1 chart, the GBP/USD pair moved during yesterday sideways, as the pair is trying to win positions above the resistance level of 1.5455 in order to reach the zone of 1.5516. At the moment, there are fractals formed on the bullish side. That's why we recommend caution when you think to place buy orders at current levels.
Daily chart's resistance levels: 1.5491 / 1.5761
Dailychart's support levels: 1.5247 / 1.5025
H1 chart's resistance levels: 1.5455 / 1.5516
H1 chart's support levels: 1.5413 / 1.5378
Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5455, take profit is at 1.5516, and stop loss is at 1.5394.
The material has been provided by InstaForex Company - www.instaforex.com
