The pair continues to trade in a strong bullish tone and it’s now heading towards the resistance zone of 1.4393. Around such area, we expect a take profit to be tested by the Cable and one could see a pullback to correct the overall bullish bias. To the downside, the nearest support lies at 1.4060. MACD indicator remains in the negative territory, calling for another leg lower.
H1 chart’s resistance levels: 1.4280 / 1.4393
H1 chart’s support levels: 1.4060 / 1.3937
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 1.4280, take profit is at 1.4393 and stop loss is at 1.4168.
The material has been provided by InstaForex Company – www.instaforex.com
The pair continues to trade in a strong bullish tone and it’s now heading towards the resistance zone of 1.4393. Around such area, we expect a take profit to be tested by the Cable and one could see a pullback to correct the overall bullish bias. To the downside, the nearest support lies at 1.4060. MACD indicator remains in the negative territory, calling for another leg lower.
H1 chart’s resistance levels: 1.4280 / 1.4393
H1 chart’s support levels: 1.4060 / 1.3937
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 1.4280, take profit is at 1.4393 and stop loss is at 1.4168.
The material has been provided by InstaForex Company – www.instaforex.com
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