GBP/USD is consolidating the price action above the 1.2100 handle in the short-term, as the pair is looking to gather momentum in order to follow the bearish bias. If the Cable manages to break below 1.2123, then it can test the 1.2000 level as the next key area. MACD indicator is entering the neutral territory, favoring for more sideways.
H1 chart’s resistance levels: 1.2213 / 1.2300
H1 chart’s support levels: 1.2123 / 1.2034
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 1.2123, take profit is at 1.2034 and stop loss is at 1.2216.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
GBP/USD is consolidating the price action above the 1.2100 handle in the short-term, as the pair is looking to gather momentum in order to follow the bearish bias. If the Cable manages to break below 1.2123, then it can test the 1.2000 level as the next key area. MACD indicator is entering the neutral territory, favoring for more sideways.
H1 chart’s resistance levels: 1.2213 / 1.2300
H1 chart’s support levels: 1.2123 / 1.2034
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 1.2123, take profit is at 1.2034 and stop loss is at 1.2216.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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