The pair has made a rebound from the support level of 1.3908 and gains are being capped by the resistance zone of 1.3991. A break above that area should expose the 200 SMA at H1 chart, which is a dynamic barrier that could help to block further advances in the Cable. However, if the aforementioned support gives up, then it can plummet to test the 1.3860 level.
H1 chart’s resistance levels: 1.3991 / 1.4092
H1 chart’s support levels: 1.3908 / 1.3860
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 1.3908, take profit is at 1.3860, and stop loss is at 1.3951.The material has been provided by InstaForex Company – www.instaforex.com
The pair has made a rebound from the support level of 1.3908 and gains are being capped by the resistance zone of 1.3991. A break above that area should expose the 200 SMA at H1 chart, which is a dynamic barrier that could help to block further advances in the Cable. However, if the aforementioned support gives up, then it can plummet to test the 1.3860 level.
H1 chart’s resistance levels: 1.3991 / 1.4092
H1 chart’s support levels: 1.3908 / 1.3860
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 1.3908, take profit is at 1.3860, and stop loss is at 1.3951.The material has been provided by InstaForex Company – www.instaforex.com
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