The pair is consolidating the price action above the 200 SMA at the H1 chart and it’s heading towards the resistance zone of 1.4166. If a breakout happens over there, then we might expect a bullish continuation to test the 1.4225 level, as the sellers could appear in order to make a corrective move. MACD indicator remains in the positive territory, favoring to the bulls in the short-term.
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
The pair is consolidating the price action above the 200 SMA at the H1 chart and it’s heading towards the resistance zone of 1.4166. If a breakout happens over there, then we might expect a bullish continuation to test the 1.4225 level, as the sellers could appear in order to make a corrective move. MACD indicator remains in the positive territory, favoring to the bulls in the short-term.
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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