The pair has plummeted strong during last week and the bearish tone was the main topic in the price action across the board. At H1 chart, we’re seeing a consolidation below the 200 SMA, while the Cable is finding support around 1.4205. If such level gives up in favors of the bears, then the next target would be the 1.4061 zone.
H1 chart’s resistance levels: 1.4283 / 1.4386
H1 chart’s support levels: 1.4205 / 1.4061
Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4004, take profit is at 1.3945 and stop loss is at 1.4064.The material has been provided by InstaForex Company – www.instaforex.com
The pair has plummeted strong during last week and the bearish tone was the main topic in the price action across the board. At H1 chart, we’re seeing a consolidation below the 200 SMA, while the Cable is finding support around 1.4205. If such level gives up in favors of the bears, then the next target would be the 1.4061 zone.
H1 chart’s resistance levels: 1.4283 / 1.4386
H1 chart’s support levels: 1.4205 / 1.4061
Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4004, take profit is at 1.3945 and stop loss is at 1.4064.The material has been provided by InstaForex Company – www.instaforex.com
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