Daily chart: The GBP/USD began 2014 completely dominated by the bears, as this found resistance at the level of 1.6540 and now this pair is about to touch the support level of 1.6447. If the pair manages to break this support level, it would be expected to fall to the level of 1.6326. On the other hand, it’s expected to rise to the level of 1.6540 if the pair takes a bullish rebound to current levels. The MACD indicator is still in positive territory.
H4 chart: This pair found resistance at the bullish trend line near the level of 1.6600. If the pair manages to break the support level of 1.6464, it’s expected to fall to the level of 1.6441. Moreover, if this pair manages to break the resistance level of 1.6530, it is expected to rise to the level of 1.6600 . The MACD indicator is entering negative territory.
H1 chart: The GBP/USD fell to the support level of 1.6464 after the pair had formed a fractal near the level of 1.6578. If this pair manages to break the resistance level of 1.6507, which is expected to rise to the level of 1.6544. However, the GBP/USD is forming a higher low pattern and, if the pair manages to break the support level of 1.6464, it’s expected to fall to the level of 1.6419, where the 200 day moving average is located. The MACD indicator is still in negative 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 1.6507, take profit is at 1.6554, and stop loss is at 1.6471.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The GBP/USD began 2014 completely dominated by the bears, as this found resistance at the level of 1.6540 and now this pair is about to touch the support level of 1.6447. If the pair manages to break this support level, it would be expected to fall to the level of 1.6326. On the other hand, it’s expected to rise to the level of 1.6540 if the pair takes a bullish rebound to current levels. The MACD indicator is still in positive territory.
H4 chart: This pair found resistance at the bullish trend line near the level of 1.6600. If the pair manages to break the support level of 1.6464, it’s expected to fall to the level of 1.6441. Moreover, if this pair manages to break the resistance level of 1.6530, it is expected to rise to the level of 1.6600 . The MACD indicator is entering negative territory.
H1 chart: The GBP/USD fell to the support level of 1.6464 after the pair had formed a fractal near the level of 1.6578. If this pair manages to break the resistance level of 1.6507, which is expected to rise to the level of 1.6544. However, the GBP/USD is forming a higher low pattern and, if the pair manages to break the support level of 1.6464, it’s expected to fall to the level of 1.6419, where the 200 day moving average is located. The MACD indicator is still in negative 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 1.6507, take profit is at 1.6554, and stop loss is at 1.6471.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: