GBP/USD continues to perform corrective moves on the bullish side, but remember that we are currently inside of an overall bearish trend on the daily chart. The pair could fall eventually until the support level of 1.4649 and make a breakout there for a bearish continuation.
On the other hand, a breakout at the level of 1.4820 is likely to open the way for a rise up to the level of 1.4976.
At the H1 chart, GBP/USD found dynamic resistance on the 200 moving average and the pair is still looking for the downside road. But we could expect another move up until the resistance zone of 1.4800, which is a key psychological level at the intraday outlook. Anyway, our general outlook remains in favor of the bearish bias.
Daily chart's resistance levels: 1.4820 / 1.4976
Dailychart's support levels: 1.4649 / 1.4540
H1 chart's resistance levels: 1.4800 / 1.4838
H1 chart's support levels: 1.4728 / 1.4684
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 1.4728, take profit is at 1.4684, and stop loss is at 1.4770.
The material has been provided by InstaForex Company - www.instaforex.com
