The GBP/USD pair received the recent US NFP release with a bullish momentum towards the resistance level of 1.4948. This pair could break that zone in order to reach the level of 1.5086. On the daily chat, we can still see a bearish pattern formation below of the 200 SMA, which is also pointing to the downwards during several months ago.
On the H1 chart, the bullish trend is strong in our intraday outlook, as the GBP/USD pair is consolidating above the 200 SMA. Also, it is looking to reach the resistance level of 1.4968. On the other hand, one could expect a fall to the support level at 1.4842, for a bearish continuation towards the support level of 1.4774.
Daily chart's resistance levels: 1.4948 / 1.5086
Dailychart's support levels: 1.4820 / 1.4649
H1 chart's resistance levels: 1.4921 / 1.4968
H1 chart's support levels: 1.4842 / 1.4774
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 1.4842, take profit is at 1.4774, and stop loss is at 1.4912.
The material has been provided by InstaForex Company - www.instaforex.com
