Trading Conditions
Products
Tools
On the daily chart, we can see a dominant bearish trend on the GBP/USD pair, because during yesterday's session, this pair fell to the support zone of 1.5025. This could activate massive sell orders in the medium term, because the GBP/USD pair has already completed the formation of a lower low pattern. The MACD indicator is entering the neutral zone.
The GBP/USD pair did a pullback at the 200 SMA on the H1 chart and the bearish bias is currently doing a clear domination of the pair's trend, at least in a short-term basis. The GBP/USD pair is trying to develop a bearish pattern above the psycological level of 1.5000, where this pair needs to do a breakout to fall until the support level of 1.4927, that could be a good trade because of the trend-following trading's motto.
Daily chart's resistance levels: 1.5247 / 1.5424
Dailychart's support levels: 1.5025 / 1.4821
H1 chart's resistance levels: 1.5084 / 1.5128
H1 chart's support levels: 1.5000 / 1.4927
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 1.5000, take profit is at 1.4927, and stop loss is at 1.5073.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.