GBP/USD still remains in a very choppy structure, but the bulls’ side is the preferred scenario at the time of writing. The resistance zone of 1.2481 should be challenged in coming hours and if the pair manages to break above it, then the doors would be opened in order to test the 1.2516 level, but that wouldn’t invalidate the scenario. If the Cable does a consolidation above it, then the bullish bias will strengthen.
H1 chart’s resistance levels: 1.2481 / 1.2516
H1 chart’s support levels: 1.2412 / 1.2361
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2481, take profit is at 1.2516 and stop loss is at 1.2445.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
GBP/USD still remains in a very choppy structure, but the bulls’
side is the preferred scenario at the time of writing. The resistance
zone of 1.2481 should be challenged in coming hours and if the pair
manages to break above it, then the doors would be opened in order to
test the 1.2516 level, but that wouldn’t invalidate the scenario.
If the Cable does a consolidation above it, then the bullish bias
will strengthen.
H1 chart’s resistance
levels: 1.2481 / 1.2516
H1 chart’s support levels:
1.2412 / 1.2361
Trading recommendations for today: Based on the H1 chart,
buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.2481, take profit is at
1.2516 and stop loss is at 1.2445.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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