On the H1 chart, GBP/USD continues to form a lower low pattern below the 200 SMA and the resistance level of 1.5100. Currently, this pair is challenging the support level of 1.5062, which opens the door to test the next support around the level of 1.5028. However, because of the deep fall, the cable could resume the bullish bias towards the level of 1.5142.
H1 chart's resistance levels: 1.5100 / 1.5142
H1 chart's support levels: 1.5062 / 1.5028
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 found at 1.5062, take profit is at 1.5028, and stop loss is at 1.5095.
