GBP/USD is still trading lower looking for an opportunity to break the support level of 1.5329, where it could rebound and resume the overall bullish trend. However, our view is still bearish, because that zone could be broken to the downside. In case of success, the pair will test the level of 1.5224 in coming days.
There could be a double bottom pattern formation in the H1 chart, where the GBP/USD pair is finding strong support around the level of 1.5331. If the pair does a breakout there, it could be expected to fall until 1.5272. In another scenario, the cable could start to do corrective moves towards the resistance zone of 1.5415.
Daily chart's resistance levels: 1.5438 / 1.5543
Daily chart's support levels: 1.5329 / 1.5224
H1 chart's resistance levels: 1.5415 / 1.5463
H1 chart's support levels: 1.5368 / 1.5331
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5331, take profit is at 1.5272, and stop loss is at 1.5390.
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