GBP/USD continues to perform declines on a short-term basis, as the H1 chart is showing weakness below the 200 SMA. Now, the support level of 1.5031 is challenged by the bearish force and when a breakout happens there, then we could expect another fall towards the price zone of 1.4982. However, we recommend to wait for a lower low pattern formation.
H1 chart's resistance levels: 1.5062 / 1.5100
H1 chart's support levels: 1.5031 / 1.4982
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 1.5031, take profit is at 1.4982, and stop loss is at 1.5080.
