Daily chart: The GBP/USD has extended its drop below the resistance level at 1.6447 and is now very likely to fall to the support level of 1.6326 due to the strong weakness that this pair presents currently. If the pair manages to break the support level at 1.6326, it’s expected to fall to the level of 1.6235. On the other hand, it’s expected to rise to the level of 1.6447 if the pair takes a bullish rebound to current levels. The MACD indicator is entering negative territory.
H4 chart: The GBP/USD is falling towards the 200 day moving average, which is near the level of 1.6325. However, it is very likely that this pair will begin to form a higher low pattern above the level of 1.6292. If the pair manages to break this support level, it would be expected to fall to the level of 1.6292. For now, it is expected that this pair will start forming bearish patterns to continue falling. The MACD indicator is still in negative territory.
H1 chart: This pair is forming a bearish pattern below the 200 SMA and Point of Control (POC) near the level of 1.6419. If the pair manages to break the support level at 1.6331, it’s expected to fall to the level of 1.6291. The MACD indicator is still in negative territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6331, take profit is at 1.6291, and stop loss is at 1.6371.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The GBP/USD has extended its drop below the resistance level at 1.6447 and is now very likely to fall to the support level of 1.6326 due to the strong weakness that this pair presents currently. If the pair manages to break the support level at 1.6326, it’s expected to fall to the level of 1.6235. On the other hand, it’s expected to rise to the level of 1.6447 if the pair takes a bullish rebound to current levels. The MACD indicator is entering negative territory.
H4 chart: The GBP/USD is falling towards the 200 day moving average, which is near the level of 1.6325. However, it is very likely that this pair will begin to form a higher low pattern above the level of 1.6292. If the pair manages to break this support level, it would be expected to fall to the level of 1.6292. For now, it is expected that this pair will start forming bearish patterns to continue falling. The MACD indicator is still in negative territory.
H1 chart: This pair is forming a bearish pattern below the 200 SMA and Point of Control (POC) near the level of 1.6419. If the pair manages to break the support level at 1.6331, it’s expected to fall to the level of 1.6291. The MACD indicator is still in negative territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6331, take profit is at 1.6291, and stop loss is at 1.6371.
The material has been provided by InstaForex Company – www.instaforex.com
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