Daily chart: GBP/USD opened this week with a bearish gap although the pair remains very strong in the current bullish bias. For this week, it is likely that this pair have to contend with the strong resistance level of 1.6766. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6851, which would strengthen the bullish trend. The MACD indicator is entering neutral territory.
H4 chart: This pair has found resistance at the bullish trend line near the 1.6760 level, so this week, the GPB/USD will try to consolidate above this level to go up to the resistance level of 1.6822. On the other hand, keep in mind that this pair has formed a fractal near the trend line. If the pair manages to make a breakout at the 1.6667 level, it’s expected to fall to the level of 1.6644. The MACD indicator is in positive territory.
H1 chart: GBP/USD remains above the 200 SMA and the support level of 1.6700. Recall that this pair is making corrective movements to form a bullish pattern. If the pair manages to make a breakout at the resistance level of 1.6750, it’s expected to rise to the psychological level of 1.6800. The MACD indicator is in the overbought zone and entering 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 1.6750, take profit is at 1.6800, and stop loss is at 1.6700.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: GBP/USD
opened this week with a bearish gap although the pair remains very
strong in the current bullish bias. For this week, it is likely that
this pair have to contend with the strong resistance level of 1.6766.
If the pair manages to make a breakout at that level, it would be
expected to rise to the level of 1.6851, which would strengthen the
bullish trend. The MACD indicator is entering neutral territory.
H4 chart: This pair
has found resistance at the bullish trend line near the 1.6760 level,
so this week, the GPB/USD will try to consolidate above this level to
go up to the resistance level of 1.6822. On the other hand, keep in
mind that this pair has formed a fractal near the trend line. If the
pair manages to make a breakout at the 1.6667 level, it’s expected to
fall to the level of 1.6644. The MACD indicator is in positive
territory.
H1 chart: GBP/USD
remains above the 200 SMA and the support level of 1.6700. Recall
that this pair is making corrective movements to form a bullish
pattern. If the pair manages to make a breakout at the resistance
level of 1.6750, it’s expected to rise to the psychological level of
1.6800. The MACD indicator is in the overbought zone and entering
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 1.6750, take profit is at
1.6800, and stop loss is at 1.6700.
The material has been provided by InstaForex Company – www.instaforex.com
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