The corrective move remains very strong, at least in the daily chart, because GBP/USD is heading towards the resistance zone of 1.5125, which is likely to be tested in the next week. By the way, if the pair reachs that level, we could expect a pullback there. GBP/USD could ride the overall bearish trend again.
GBP/USD formed another bullish pattern and is currently following a bullish cycle above the 200 SMA in the H1 chart. Now, we can see a fractal formation near to resistance level at 1.5047. If the pair breaks that zone, it would open the way to test the level of 1.5112, which is an important monthly high. The 200 SMA is still bullish.
Daily chart's resistance levels: 1.5125 / 1.5248
Dailychart's support levels: 1.4976 / 1.4820
H1 chart's resistance levels: 1.5047 / 1.5112
H1 chart's support levels: 1.4979 / 1.4954
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5125, take profit is at 1.5248, and stop loss is at 1.4980.
The material has been provided by InstaForex Company - www.instaforex.com
