Daily chart: The GBP/USD is being prepared for the volatility that comes in a few hours, when will be published some important economic indicators in the United States, as this pair has been making very slow movements in the past hours. It should be noted that the GBP/USD is forming a bullish pattern, so it is very likely that this rises to the level of 1.6540. The MACD indicator is still in negative territory.
H4 chart: This pair stays below the level of 1.6483 and we must consider that the GBP/USD formed a fractal at this level, which may indicate a change of the trend in the short term. However, if the pair manages to break that level, it is expected to rise to the level of 1.6535, which is located nearest the bullish trend line. The MACD indicator is entering extremely overbought zone.
H1 chart: Below the support level of 1.6464, has formed a point of control, so it is very likely that this POC offers a strong support in the GBP/USD in the short term. If this pair manages to break the resistance level of 1.6507, it is expected to rise to the level of 1.6544. Moreover, if this pair does break the support at the level of 1.6464, it is expected to fall to the level of 1.6419. The MACD indicator is 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 1.6507, take profit is at 1.6544, and stop loss is at 1.6469.В
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The
GBP/USD is being prepared for the volatility that comes in a few
hours, when will be published some important economic indicators in
the United States, as this pair has been making very slow movements
in the past hours. It should be noted that the GBP/USD is forming a
bullish pattern, so it is very likely that this rises to the level of
1.6540. The MACD indicator is still in negative territory.
H4 chart: This pair
stays below the level of 1.6483 and we must consider that the GBP/USD
formed a fractal at this level, which may indicate a change of the trend
in the short term. However, if the pair manages to break that level,
it is expected to rise to the level of 1.6535, which is located
nearest the bullish trend line. The MACD indicator is entering
extremely overbought zone.
H1 chart: Below the
support level of 1.6464, has formed a point of control, so it is very
likely that this POC offers a strong support in the GBP/USD in the
short term. If this pair manages to break the resistance level of
1.6507, it is expected to rise to the level of 1.6544. Moreover, if
this pair does break the support at the level of 1.6464, it is
expected to fall to the level of 1.6419. The MACD indicator is 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 1.6507, take profit is at
1.6544, and stop loss is at 1.6469.В
The material has been provided by InstaForex Company – www.instaforex.com
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