GBP/USD got another bullish momentum within the Wednesday session, trying to reach the level of 1.5538, which is the closest resistance on the upside. Now, we could expect a bullish consolidation with a higher high pattern formation at the daily time frame. Don't forget that the 200 SMA in the resistance zone of 1.5538 could act as dynamic resistance.
In the H1 chart, we can observe some kind of bullish pattern formation below the level of 1.5439. The pair is trying to test the resistance zone of 1.5496 again. In an intraday outlook, GBP/USD is still supported by 1.5396 and if it does a breakout in this zone, it would be expected to fall to the support at 1.5346.
Daily chart's resistance levels: 1.5538 / 1.5778
Dailychart's support levels: 1.5371 / 1.5238
H1 chart's resistance levels: 1.5439 / 1.5496
H1 chart's support levels: 1.5396 / 1.5346
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 1.5439, take profit is at 1.5496, and stop loss is at 1.5383.
The material has been provided by InstaForex Company - www.instaforex.com