On the daily chart, GBP/USD continues to advance in favor of bullish scenario, with a clear consolidation above the support level of 1.5329. This move was the inflexion point on the pair to try a rally towards the resistance zone of 1.5479, where a breakout should happen in order to test the level of 1.5559, where the 200 SMA is located .
The short-term outlook remains bearish, as long as the pair remains inside the 200 SMA price zone on the H1 chart. Currently, there is a bullish range above the support level of 1.5357. If GBP/USD does a breakout over that zone, it will fall to 1.5319 in coming hours. The MACD indicator is entering the negative territory.
Daily chart's resistance levels: 1.5479 / 1.5559
Daily chart's support levels: 1.5329 / 1.5181
H1 chart's resistance levels: 1.5402 / 1.5440
H1 chart's support levels: 1.5357 / 1.5319
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 1.5357, take profit is at 1.5319, and stop loss is at 1.5393.
The material has been provided by InstaForex Company - www.instaforex.com