The GBP/USD pair is likely to find strong dynamic resistance at the 200 SMA in the daily chart. That could give a good opportunity for mid-term traders to sell the pair on a pullback and ride the overall bearish trend. Anyway, the cautioin should be there yet, because GBP/USD could rally towards the resistance zone of 1.5745.
In the H1 chart, GBP/USD found strong resistance at the level of 1.5530, because sellers are very active in this territory. Now, we could talk about a higher high pattern formation above the 200 SMA, but the fact is that the pair is trying to find a solid bottom and it could be the support level of 1.5307 in the short term.
Daily chart's resistance levels: 1.5543 / 1.5745Dailychart's support levels: 1.5371 / 1.5238H1 chart's resistance levels: 1.5472 / 1.5533H1 chart's support levels: 1.5392 / 1.5307
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 1.5472, take profit is at 1.5533, and stop loss is at 1.5415.
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Uitgevoerd door, Analytische expert
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