The pair had a bearish session during Tuesday but it remained above the 200 SMA at H1 chart, which still provides a nice dynamic support across the board. The key resistance of 1.2957 is still a hurdle to overcome in order to reach the psychological area of 1.3000. That scenario is likely to prove valid, as the price action isn’t showing new lower low patterns’ formations.
H1 chart’s resistance levels: 1.2957 / 1.3029
H1 chart’s support levels: 1.2855 / 1.2652
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level lies at 1.2957, take profit is at 1.3029 and stop loss is at 1.2887.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The pair had a bearish session during Tuesday but it remained above
the 200 SMA at H1 chart, which still provides a nice dynamic support
across the board. The key resistance of 1.2957 is still a hurdle to
overcome in order to reach the psychological area of 1.3000. That
scenario is likely to prove valid, as the price action isn’t showing new
lower low patterns’ formations.
H1 chart’s resistance
levels: 1.2957 / 1.3029
H1 chart’s support levels:
1.2855 / 1.2652
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level lies at 1.2957, take profit is at
1.3029 and stop loss is at 1.2887.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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