Daily chart: After the sharp drop this pair had last week, during yesterday’s session the pair managed to recover. However, this pair is trying to consolidate above the support level of 1.6540, but it still has high chances of falling in the medium term. If this pair manages to break the resistance level of 1.6663, it is expected to rise to the level of 1.6851. The MACD indicator is still in positive territory.
H4 chart: The GBP/USD formed a fractal near the support level of 1.6483. If this pair manages to break the resistance level of 1.6592, it’s expected to rise to the level of 1.6644, which is a fairly strong level and blocking the bullish action of this pair. Furthermore, if this pair manages to break the support level at 1.6570, it’s expected to fall to the level of 1.6516. The MACD indicator is entering neutral territory.
H1 chart: This pair is consolidating above the 200 SMA and above the point of control at the level of 1.6570. In addition, the GBP/USD is forming a bullish pattern and if this pair manages to break that level, it would be expected to rise to the level of 1.6629. On the other hand, if the pair finds strong resistance in the point of control, it would be expected to fall to the support level of 1.6544. The MACD indicator is entering extremely overbought zone and 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 1.6578, take profit is at 1.6629, and stop loss is at 1.6526.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: After the
sharp drop this pair had last week, during yesterday’s session the
pair managed to recover. However, this pair is trying to consolidate
above the support level of 1.6540, but it still
has high chances of falling in the medium term. If this pair
manages to break the resistance level of 1.6663, it is expected to
rise to the level of 1.6851. The MACD indicator is still in positive
territory.
H4 chart: The GBP/USD
formed a fractal near the support level of 1.6483. If this pair
manages to break the resistance level of 1.6592, it’s expected to
rise to the level of 1.6644, which is a fairly strong level and
blocking the bullish action of this pair. Furthermore, if this pair
manages to break the support level at 1.6570, it’s expected to fall
to the level of 1.6516. The MACD indicator is entering neutral
territory.
H1 chart: This pair is
consolidating above the 200 SMA and above the point of control at the
level of 1.6570. In addition, the GBP/USD is forming a bullish
pattern and if this pair manages to break that level, it would be
expected to rise to the level of 1.6629. On the other hand, if the
pair finds strong resistance in the point of control, it would be
expected to fall to the support level of 1.6544. The MACD indicator
is entering extremely overbought zone and 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 1.6578, take profit is at
1.6629, and stop loss is at 1.6526.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: