Daily chart: The GBP/USD remains above the support level of 1.6447 and it is very likely that this pair will make a bullish rebound at this level, since the GBP/USD has shown enough strength in the current bullish trend, which is expected to extend for a few more days. However, if the pair manages to break the support level of 1.6447, it’s expected to fall to the level of 1.6326, which would be a trend’s change. The MACD indicator is entering neutral territory.
H4 chart: This pair found resistance at the level of 1.6595 and quickly, the GBP/USD had a profound drop to support level of 1.6435, where it is forming a higher low pattern. If the pair manages to break that level, it would be expected to fall to the support level of 1.6292, very close to the 200 SMA. However, it is very likely that this pair will try to break the resistance level of 1.6464, to achieve the level of 1.6483. The MACD indicator is still in the negative territory.
H1 chart: The GBP/USD is consolidating below the Point of Control (POC) near the resistance level of 1.6464. However, this dynamic pair has the support in the 200 day moving average, so the support level of 1.6419 is becoming stronger. This pair will try to break the resistance level of 1.6464, which is expected to rise to the level of 1.6507. The MACD indicator is in the extreme oversold zone.
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 1.6646, take profit is at 1.6507, and stop loss is at 1.6420.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The GBP/USD remains above the support level of 1.6447 and it is very likely that this pair will make a bullish rebound at this level, since the GBP/USD has shown enough strength in the current bullish trend, which is expected to extend for a few more days. However, if the pair manages to break the support level of 1.6447, it’s expected to fall to the level of 1.6326, which would be a trend’s change. The MACD indicator is entering neutral territory.
H4 chart: This pair found resistance at the level of 1.6595 and quickly, the GBP/USD had a profound drop to support level of 1.6435, where it is forming a higher low pattern. If the pair manages to break that level, it would be expected to fall to the support level of 1.6292, very close to the 200 SMA. However, it is very likely that this pair will try to break the resistance level of 1.6464, to achieve the level of 1.6483. The MACD indicator is still in the negative territory.
H1 chart: The GBP/USD is consolidating below the Point of Control (POC) near the resistance level of 1.6464. However, this dynamic pair has the support in the 200 day moving average, so the support level of 1.6419 is becoming stronger. This pair will try to break the resistance level of 1.6464, which is expected to rise to the level of 1.6507. The MACD indicator is in the extreme oversold zone.
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 1.6646, take profit is at 1.6507, and stop loss is at 1.6420.
The material has been provided by InstaForex Company – www.instaforex.com
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