Daily chart: The GBP/USD managed to fall to the support level of 1.6326 where it quickly made a bullish rebound that led to the rise to the level of 1.6400. However, the pair is forming a bearish pattern below the resistance level of 1.6447. If the pair manages to break the support level at 1.6326, it’s expected to fall to the level of 1.6235. The MACD indicator is still in negative territory.
H4 chart: This pair made a bullish rebound above the 200 SMA, where it formed a fractal. Similarly, the GBP/USD rose to the resistance level of 1.6435, where it formed another fractal. Now, it is very likely that this pair will fall back to the 200 day moving average, but the bulls are starting to dominate the trend of the GBP/USD, so we must be careful to place buy orders. The MACD indicator is in extreme oversold zone.
H1 chart: The GBP/USD has found resistance at the level of 1.6419, where the 200 SMA and Point of Control (POC) are located. It is very likely that this pair will fall to the support level of 1.6375 and make a breakout there. However, if this pair manages to break the resistance level of 1.6419, it’s expected to rise to the level of 1.6464, which would mean a consolidation in the bullish trend. The MACD indicator is in extreme overbought zone and entering 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 1.6419, take profit is at 1.6464, and stop loss is at 1.6375.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The GBP/USD managed to fall to the support level of 1.6326 where it quickly made a bullish rebound that led to the rise to the level of 1.6400. However, the pair is forming a bearish pattern below the resistance level of 1.6447. If the pair manages to break the support level at 1.6326, it’s expected to fall to the level of 1.6235. The MACD indicator is still in negative territory.
H4 chart: This pair made a bullish rebound above the 200 SMA, where it formed a fractal. Similarly, the GBP/USD rose to the resistance level of 1.6435, where it formed another fractal. Now, it is very likely that this pair will fall back to the 200 day moving average, but the bulls are starting to dominate the trend of the GBP/USD, so we must be careful to place buy orders. The MACD indicator is in extreme oversold zone.
H1 chart: The GBP/USD has found resistance at the level of 1.6419, where the 200 SMA and Point of Control (POC) are located. It is very likely that this pair will fall to the support level of 1.6375 and make a breakout there. However, if this pair manages to break the resistance level of 1.6419, it’s expected to rise to the level of 1.6464, which would mean a consolidation in the bullish trend. The MACD indicator is in extreme overbought zone and entering 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 1.6419, take profit is at 1.6464, and stop loss is at 1.6375.
The material has been provided by InstaForex Company – www.instaforex.com
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