GBP/USD has been trading in a bearish tone following a breakout of the March 27th lows and now, the price action is making a consolidation below the 200 SMA at H1 chart. If the pair manages to break below the support zone of 1.4061, then we might expect a lower continuation towards the 1.3985 level. MACD indicator remains in the positive territory, calling for a rebound.
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
GBP/USD has been trading in a bearish tone following a breakout of the March 27th lows and now, the price action is making a consolidation below the 200 SMA at H1 chart. If the pair manages to break below the support zone of 1.4061, then we might expect a lower continuation towards the 1.3985 level. MACD indicator remains in the positive territory, calling for a rebound.
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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