GBP/USD has been performing well above the 200 SMA, doing some rallies which added strength to the short-term bullish outlook for this pair. The current pullback could make the cable to test the support zone of 1.5411, where a rebound could happen. We are expecting a breakout above the resistance level of 1.5458, which could open the door to a test at the level of 1.5506, as the current structure is still calling for more upside moves. The 200 SMA is slightly bullish, so long orders are still preferable for GBP/USD.
H1 chart's resistance levels: 1.5458 / 1.5506
H1 chart's support levels: 1.5411 / 1.5374
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 1.5458, take profit is at 1.5506, and stop loss is at 1.5411.
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