GBPUSD Bearish bias, Beware of resistance at 1.5360

The bias for GBPUSD still likely bearish in the short term as prices are still under constant signal MA 50-100-200 in the 4 hours chart. Supporting signal for bearish bias comes from the MACD indicator which is under the midline and Stochastic move down from the overbought area.

To the downside, immediate support seen at 1.5290 area, to penetrate to the bottom of the zone the price can move further bearish pressure towards 1.5220 area before retesting to strong support area at 1.5110. Meanwhile to the upside, immediate resistance levels seen at 1.5360 area, breaking down of the area the price is likely to move the neutral line instructions least in the short run to test the 1.5400 area before targeting to an area of strong resistance at 1.5540.

Resistance levels: 1.5360, 1.5400, 1.5540
Support levels: 1.5290, 1.5220, 1.5110