The GBP/USD pair fell by over 100 pips during yesterday's session after it had found strong resistance around the level of 1.5500. Currently, we're seeing a possible lower low pattern formation below the 200 SMA and very close to the support zone of 1.5374. That level should be broken in order to do a bearish continuation towards the level of 1.5339. Our preferred scenario points to a rebound at the current stage. The MACD indicator is still at the negative territory.
H1 chart's resistance levels: 1.5411 / 1.5458
H1 chart's support levels: 1.5374 / 1.5339
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 seen at 1.5411, take profit is at 1.5458, and stop loss is at 1.5362.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for October 23, 2015 . Thanks for your support.
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