The GBP/USD pair is currently riding the overall bearish trend and its looking to reach the support level at 1.4649. The general structure of the pair tells us about future strong falls, as the GBP/USD pair was forming fractals below the resistance zone around 1.4948. In the daily chart, the lower low pattern is still bearish. The MACD indicator is still at neutral territory.
The yesterday's session was bearish for the GBP/USD pair, because it was looking to reach new lows, as the pair has been moving inside a low range. Immediate support is located at the level of 1.4774 and we could expect for more falls until 1.4721. Be patient and try to ride the bearish side on the GBP/USD pair in the intraday way as much as possible.
Daily chart's resistance levels: 1.4820 / 1.4948
Dailychart's support levels: 1.4649 / 1.4505
H1 chart's resistance levels: 1.4842 / 1.4921
H1 chart's support levels: 1.4774 / 1.4721
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 1.4774, take profit is at 1.4721, and stop loss is at 1.4825.
The material has been provided by InstaForex Company - www.instaforex.com
