GBP/USD plummeted during Tuesday’s session after having found a strong resistance around 1.4225. Currently, the pair is making a rebound above the 200 SMA at the H1 chart and it’s expected to resume the bullish bias in order to go towards the next target at 1.4269. To the downside, the critical support lies at 1.4061. MACD indicator remains in the negative territory, favoring to the bears in the short-term.
H1 chart’s resistance levels: 1.4225 / 1.4269
H1 chart’s support levels: 1.4136 / 1.4061
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 1.4225, take profit is at 1.4269 and stop loss is at 1.4185.The material has been provided by InstaForex Company – www.instaforex.com
GBP/USD plummeted during Tuesday’s session after having found a strong resistance around 1.4225. Currently, the pair is making a rebound above the 200 SMA at the H1 chart and it’s expected to resume the bullish bias in order to go towards the next target at 1.4269. To the downside, the critical support lies at 1.4061. MACD indicator remains in the negative territory, favoring to the bears in the short-term.
H1 chart’s resistance levels: 1.4225 / 1.4269
H1 chart’s support levels: 1.4136 / 1.4061
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 1.4225, take profit is at 1.4269 and stop loss is at 1.4185.The material has been provided by InstaForex Company – www.instaforex.com
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