A current intraday trand is calling for a correction in favor of bearish force. So the pair could make a rebound above the 200 SMA in the H1 chart, with a possible target towards the resistance level of 1.5458, which is a level that has been tested several times. However, this scenario could change when the cable performs a consolidation below the support level of 1.5374 with a lower low pattern formation. The MACD indicator is entering the negative territory.
H1 chart's resistance levels: 1.5458 / 1.5506
H1 chart's support levels: 1.5411 / 1.5374
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 1.5458, take profit is at 1.5506, and stop loss is at 1.5411.
