GBP/USD had a strong decline during Tuesday’s session, accelerating its downside towards the first target placed around 1.2567. If that level gives up, we might expect another fall to test the 1.2467 level, which is a key demand zone, where in the past, buyers have been present and pushing higher to the pair. MACD indicator is turning oversold, favoring to a possible correction.
H1 chart’s resistance levels: 1.2704 / 1.2826
H1 chart’s support levels: 1.2567 / 1.2467
Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2567, take profit is at 1.2467 and stop loss is at 1.2665.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
GBP/USD had a strong decline during Tuesday’s session, accelerating its downside towards the first target placed around 1.2567. If that level gives up, we might expect another fall to test the 1.2467 level, which is a key demand zone, where in the past, buyers have been present and pushing higher to the pair. MACD indicator is turning oversold, favoring to a possible correction.
H1 chart’s resistance levels: 1.2704 / 1.2826
H1 chart’s support levels: 1.2567 / 1.2467
Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2567, take profit is at 1.2467 and stop loss is at 1.2665.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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