On the daily chart, there is still a lower continuation on GBP/USD towards new monthly lows, as the pair is approaching the support zone of 1.5224. We should see a breakout there in order to test the next support around the level of 1.5107. The other path is calling for a correction towards the resistance level of 1.5329 in the short term.
We can see a breakout below 1.5272. Now, the pair is testing the support level of 1.5220. On the H1 chart, 200 SMA is still bearish and we could expect another fall towards the support zone of 1.5167 in coming hours. However, after this long fall made by the GBP/USD, there could happen some rebounds during the process.
Daily chart's resistance levels: 1.5329 / 1.5438
Daily chart's support levels: 1.5224 / 1.5107
H1 chart's resistance levels: 1.5272 / 1.5331
H1 chart's support levels: 1.5220 / 1.5167
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 1.5220, take profit is at 1.5167, and stop loss is at 1.5272.
The material has been provided by InstaForex Company - www.instaforex.com