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Having tested an important support level (Fibonacci 23.6% retracement to the decline of the GBP / USD pair in the wave that began in July 2014 near the level of 1.7200), GBP / USD rebounded from it and rose 1.5% to the current mark of 1.3410 and the level resistance (ЕМА50 on the daily chart). Despite this, the main scenario for the time being remains the bearish GBP / USD trend, and the preferred positions are short ones. However, in order to resume them, you should still wait for the price to return into the zone below the support level 1.3375 (ЕМА200 on the 4-hour chart).
Its breakdown will be the first signal to open new short positions in GBP / USD. A breakdown of the local support level 1.3160 will open the way for a decline towards 1.3000, 1.2700.
In an alternative scenario, the growth of GBP / USD will continue, then its target may be resistance levels 1.3590 (ЕМА200, ЕМА144 and the upper border of the descending channel on the daily chart). Its breakdown may signal the end of the GBP / USD downtrend.
Support levels: 1.3375, 1.3306, 1.3210, 1.3160, 1.3000, 1.2865, 1.2685
Resistance levels: 1.3410, 1.3430, 1.3590, 1.3700, 1.3832, 1.3900, 1.3970, 1.4000
Trading recommendations
Sell Stop 1.3365. Stop-Loss 1.3440. Take-Profit 1.3306, 1.3210, 1.3160, 1.3000, 1.2865, 1.2685
Buy Stop 1.3440. Stop-Loss 1.3365. Take-Profit 1.3590, 1.3700, 1.3832, 1.3900, 1.3970, 1.4000
