On the daily chart, GBP/USD had a strong bullish momentum during Wednesday's session as the pair is close to the resistance level of 1.5543. We could expect some kind of bullish pattern formation, because GBP/USD is facing the 200 SMA in this time frame, which is also acting as dynamic resistance in the near term.
We can see a strong bullish structure already consolidated in the H1 chart, because the pair has been doing higher swings and it's currently looking for more bullish continuation. At this stage, GBP/USD could retrace until the support level of 1.5428, only if it achieves to break the support zone of 1.5502. The MACD indicator is entering at negative territory.
Daily chart's resistance levels: 1.5543 / 1.5755
Daily chart's support levels: 1.5346 / 1.5199
H1 chart's resistance levels: 1.5550 / 1.5610
H1 chart's support levels: 1.5502 / 1.5428
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 1.5550, take profit is at 1.5610, and stop loss is at 1.5491.
The material has been provided by InstaForex Company - www.instaforex.com