During the Monday session, the pair did a pullback around the resistance level of 1.4948. Now, it is expected to fall to the support zone around 1.4820. The bearish structure is still on the daily chart, as 200 SMA is still pointing downwards, and the MACD indicator is starting to show some divergences in favor of the overall trend.
The intraday view is showing us a bullish trend that has not enough duration for progress above the 200 SMA on the H1 chart. The GBP/USD pair is trying to recover from losses after the pullback made at the resistance level of 1.4698. It is doing a rebound at the dynamic support offered by the moving average.
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
