GBP/USD is approaching key zones on the daily chart, and one of them is the support zone of 1.5169. Remind that a breakout below that territory will open the door to test at the level of 1.5030 in coming days. However, because of the strong downside held since several days ago, the cable could start to perform deeper rebounds.
On the H1 chart, there is currently a bearish structure below the 200 SMA and also a support zone of 1.5166, which is currently acting as bottom. The 200 SMA is still pointing to the downside and this bias should be seen during the week, as GBP/USD could perform another bearish pattern development.
Daily chart's resistance levels: 1.5256 / 1.5344
Daily chart's support levels: 1.5169 / 1.5030
H1 chart's resistance levels: 1.5223 / 1.5285
H1 chart's support levels: 1.5166 / 1.5103
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 1.5166, take profit is at 1.5103, and stop loss is at 1.5229.
