On the daily chart, GBP/USD has been moving sideways below the 200 SMA, which is currently acting as dynamic resistance. Also, bear in mind the cable wants to test new highs around the level of 1.5296 because of a higher high pattern formation which is in progress. However, pullbacks are expected in coming days at least because the overall structure is still calling for downside.
H1 chart’s resistance levels: 1.5296 / 1.5365
H1 chart’s support levels: 1.5205 / 1.5142
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 seen at 1.5205, take profit is at 1.5142, and stop loss is at 1.5270.
The material has been provided by InstaForex Company – www.instaforex.com
On the daily chart, GBP/USD has been moving sideways below the 200 SMA, which is currently acting as dynamic resistance. Also, bear in mind the cable wants to test new highs around the level of 1.5296 because of a higher high pattern formation which is in progress.
However, pullbacks are expected in coming days at least because the
overall structure is still calling for downside.
H1 chart’s resistance
levels: 1.5296 / 1.5365
H1 chart’s support levels:
1.5205 / 1.5142
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 seen at 1.5205, take profit is at
1.5142, and stop loss is at 1.5270.
The material has been provided by InstaForex Company – www.instaforex.com
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