The GBP/USD pair continues pushing lower to the support level at 1.4649. Also, we can expect that the pair finds strong support at the zone around 1.4649, where it could start to form a bearish pattern. This strong bearish movement came after a solid lower low pattern formation below the resistance level of 1.4820 at the daily chart.
The intraday outlook is showing extreme zones, as the GBP/USD pair is trading near to the support level of 1.4652. If the pair does a breakout in that zone, the the level of 1.4607 could become the next target in the down side. The bearish momentum is still strong, because the MACD indicator hasn't still reach the oversold territory at the H1 chart.
Daily chart's resistance levels: 1.4820 / 1.4948
Dailychart's support levels: 1.4649 / 1.4520
H1 chart's resistance levels: 1.4697 / 1.4746
H1 chart's support levels: 1.4652 / 1.4607
Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4652, take profit is at 1.4607, and stop loss is at 1.4697.
The material has been provided by InstaForex Company - www.instaforex.com
