GBP/USD was favored by the bulls following the US NFP outcome on Friday and it’s approaching the resistance zone of 1.4166. We’re still expecting a breakout of that area in order to allow more gains toward the 1.4225 level. To the downside, the 200 SMA could act as a dynamic support in the H1 chart, but if it doesn’t succeed to cap the declines, then it might plummet to test the 1.3985 level.
H1 chart’s resistance levels: 1.4166 / 1.4225
H1 chart’s support levels: 1.4061 / 1.3985
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 1.4166, take profit is at 1.4225 and stop loss is at 1.4108.The material has been provided by InstaForex Company – www.instaforex.com
GBP/USD was favored by the bulls following the US NFP outcome on Friday and it’s approaching the resistance zone of 1.4166. We’re still expecting a breakout of that area in order to allow more gains toward the 1.4225 level. To the downside, the 200 SMA could act as a dynamic support in the H1 chart, but if it doesn’t succeed to cap the declines, then it might plummet to test the 1.3985 level.
H1 chart’s resistance levels: 1.4166 / 1.4225
H1 chart’s support levels: 1.4061 / 1.3985
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 1.4166, take profit is at 1.4225 and stop loss is at 1.4108.The material has been provided by InstaForex Company – www.instaforex.com
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