Daily chart: The GBP/USD has moved into a low range above the support level of 1.6326. It is very likely that this pair continues to move slowly through the rest of the week, as the low volatility is normal during this Christmas season. However, if this pair makes a breakout at the support level, it is expected to fall to the level of 1.6235. The MACD indicator is still in negative territory.
H4 chart: The GBP/USD has made sideways movements, which implies that this pair will not have significant changes in today’s session, as this has formed several fractals at current levels, so it is expected that the resistance level of 1.6441 and the support level of 1.6292 gain strength this week. The MACD indicator is still in negative territory.
H1 chart: This pair has been moving between the 200 SMA and the levels of 1.6375 and 1.6331. If the pair manages to break these levels, it will be expected to define the intraday trend for the direction in which this pair makes the breakout. However, this pair has formed several fractals, which would mean that GBP/USD will continue to move slowly. The MACD indicator remains in neutral territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6375, take profit is at 1.6419, and stop loss is at 1.6329.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The GBP/USD has moved into a low range above the support level of 1.6326. It is very likely that this pair continues to move slowly through the rest of the week, as the low volatility is normal during this Christmas season. However, if this pair makes a breakout at the support level, it is expected to fall to the level of 1.6235. The MACD indicator is still in negative territory.
H4 chart: The GBP/USD has made sideways movements, which implies that this pair will not have significant changes in today’s session, as this has formed several fractals at current levels, so it is expected that the resistance level of 1.6441 and the support level of 1.6292 gain strength this week. The MACD indicator is still in negative territory.
H1 chart: This pair has been moving between the 200 SMA and the levels of 1.6375 and 1.6331. If the pair manages to break these levels, it will be expected to define the intraday trend for the direction in which this pair makes the breakout. However, this pair has formed several fractals, which would mean that GBP/USD will continue to move slowly. The MACD indicator remains in neutral territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6375, take profit is at 1.6419, and stop loss is at 1.6329.
The material has been provided by InstaForex Company – www.instaforex.com
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