Daily chart: This pair has found resistance at the level of 1.6447, but the bearish trend in the medium term is still maintained, as this pair hasn’t formed patterns that may indicate a change in trend. However, the trend may change if the pair manages to break the resistance level of 1.6447. Moreover, if this pair does consolidate below the level of 1.6326, it’s expected to fall to the level of 1.6235. The MACD indicator is still in negative territory.
H4 chart: The GBP/USD has found strong resistance near the level of 1.6441, where it has formed a fractal, so it is very likely that this pair fall back to the 200-day moving average. However, the support level of 1.6336 is quite strong, so we must be cautious of false breakouts at that level. For now, we recommend caution, because the trend has not yet been clearly defined. The MACD indicator is entering extremely overbought zone.
H1 chart: The GBPUSD remains above the 200 SMA and remember that this pair found resistance near the point of control last week at the level of 1.6440. If this pair manages to break the resistance level of 1.6419, which is expected to rise to the level of 1.6464. 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 1.6419, 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: This pair
has found resistance at the level of 1.6447, but the bearish trend in
the medium term is still maintained, as this pair hasn’t formed
patterns that may indicate a change in trend. However, the trend may
change if the pair manages to break the resistance level of 1.6447.
Moreover, if this pair does consolidate below the level of 1.6326,
it’s expected to fall to the level of 1.6235. The MACD indicator is
still in negative territory.
H4 chart: The GBP/USD
has found strong resistance near the level of 1.6441, where it has
formed a fractal, so it is very likely that this pair fall back to
the 200-day moving average. However, the support level of 1.6336 is
quite strong, so we must be cautious of false breakouts at that
level. For now, we recommend caution, because the trend has not yet
been clearly defined. The MACD indicator is entering extremely overbought zone.
H1 chart: The GBPUSD
remains above the 200 SMA and remember that this pair found
resistance near the point of control last week at the level of
1.6440. If this pair manages to break the resistance level of 1.6419,
which is expected to rise to the level of 1.6464. 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 1.6419, 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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