Daily chart: This pair has made a breakout at the level of 1.6447 and is now consolidating above this level with a lower high pattern. It is very likely that this pair rise to the resistance level of 1.6540. However, expect this pair to start making corrective movements for the rest of the week, but today’s session could be volatile to the current trend of GBP/USD. The MACD indicator is entering neutral territory.
H4 chart: The GBP/USD has managed to break the resistance that formed two fractals near the level of 1.6464 and now this pair is trying to break the resistance level of 1.6483 with a bullish pattern. If the pair manages to break that level, it is expected to rise to the level of 1.6516. However, the GBP/USD could find strong resistance at current levels, as this has formed a fractal. The MACD indicator remains in positive territory.
H1 chart: This pair made a bullish rebound above the point of control near the 200 SMA and the level of 1.6419 and now, the GBP/USD is consolidating above support level of 1.6464. If this pair manages to break the resistance level of 1.6507, it’s 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 entering extreme overbought 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 1.6507, take profit is at 1.6544, and stop loss is at 1.6471.В
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: This pair
has made a breakout at the level of 1.6447 and is now consolidating
above this level with a lower high pattern. It is very likely that
this pair rise to the resistance level of 1.6540. However, expect
this pair to start making corrective movements for the rest of the
week, but today’s session could be volatile to the current trend of
GBP/USD. The MACD indicator is entering neutral territory.
H4 chart: The GBP/USD
has managed to break the resistance that formed two fractals near the
level of 1.6464 and now this pair is trying to break the resistance
level of 1.6483 with a bullish pattern. If the pair manages to break
that level, it is expected to rise to the level of 1.6516. However,
the GBP/USD could find strong resistance at current levels, as this
has formed a fractal. The MACD indicator remains in positive
territory.
H1 chart: This pair
made a bullish rebound above the point of control near the 200 SMA
and the level of 1.6419 and now, the GBP/USD is consolidating above
support level of 1.6464. If this pair manages to break the resistance
level of 1.6507, it’s 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
entering extreme overbought 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 1.6507, take profit is at
1.6544, and stop loss is at 1.6471.В
The material has been provided by InstaForex Company – www.instaforex.com
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