The Cable saw a strong recovery during Tuesday’s session as it’s posting gains above the 200 SMA and the psychological zone of 1.3200. Now, the GBP/USD could be looking to start pulling back to re-test the support level of 1.3148, where it converges with the moving average mentioned above. However, a breakout above the 1.3300 level will open the doors to test the 1.3406 price zone.
H1 chart’s resistance levels: 1.3300 / 1.3406
H1 chart’s support levels: 1.3148 / 1.3036
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 at 1.3148, take profit is at 1.3036 and stop loss is at 1.3263.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The Cable saw a strong recovery during Tuesday’s session as it’s posting
gains above the 200 SMA and the psychological zone of 1.3200. Now,
the GBP/USD could be looking to start pulling back to re-test the
support level of 1.3148, where it converges with the moving average
mentioned above. However, a breakout above the 1.3300 level will open
the doors to test the 1.3406 price zone.
H1 chart’s resistance
levels: 1.3300 / 1.3406
H1 chart’s support levels:
1.3148 / 1.3036
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 at 1.3148, take profit is at 1.3036
and stop loss is at 1.3263.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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