GBP/USD is headed lower making new downside moves below the resistance level of 1.5256. It is expected to form a lower low pattern by the end of the week. Currently, our outlook remains bearish towards the support zone of 1.5169, where a rebound should happen in order to correct the current decline.
On the H1 chart, the pair is showing a bearish consolidation in place below the 200 SMA and this indicator is also pointing to the downside. A breakout below the support level of 1.5223 will enable the pair to test the level of 1.5166 in coming hours. The MACD indicator is entering the neutral territory.
Daily chart’s resistance levels: 1.5256 / 1.5344
Daily chart’s support levels: 1.5169 / 1.5030
H1 chart’s resistance levels: 1.5285 / 1.5341
H1 chart’s support levels: 1.5223 / 1.5166
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.5223, take profit is at 1.5166, and stop loss is at 1.5283.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/USD is headed lower making new
downside moves below the resistance level of 1.5256. It is expected to
form a lower low pattern by the end of the week. Currently,
our outlook remains bearish towards the support zone of 1.5169, where
a rebound should happen in order to correct the current decline.
On the H1 chart, the pair is
showing a bearish consolidation in place below the 200 SMA and
this indicator is also pointing to the downside. A breakout below the
support level of 1.5223 will enable the pair to test the level of 1.5166 in coming hours. The MACD indicator is entering the neutral
territory.
Daily chart’s resistance
levels: 1.5256 / 1.5344
Daily chart’s support
levels: 1.5169 / 1.5030
H1 chart’s resistance
levels: 1.5285 / 1.5341
H1 chart’s support levels:
1.5223 / 1.5166
Trading recommendations for today: Based on the H1 chart,
place sell (short) orders only if the GBP/USD pair breaks a bearish
candlestick; the resistance level is at 1.5223, take profit is at
1.5166, and stop loss is at 1.5283.
The material has been provided by InstaForex Company – www.instaforex.com
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