Daily chart: The bearish bias on GBP/USD continues to strengthen and it is very likely that this pair falls to the support level of 1.6540. This breakout could begin a strong bearish trend in the medium term. If the pair manages to consolidate below that level, it is expected to fall to the level of 1.6447. The MACD indicator is still in negative territory, so the bearish outlook remains intact.
H4 chart: This pair has dropped to the 200-day moving average which is forming a higher low pattern. If the pair manages to consolidate below the support level of 1.6583, it’s expected to fall to the level of 1.6516. On the other hand, if it manages to make a breakout on the resistance level of 1.6667, it’s expected to rise to the level of 1.6822. The MACD indicator is entering oversold.
H1 chart: The GBP/USD has consolidated below the point of control near the resistance level of 1.6629. If the pair manages to make a breakout in the support level of 1.6578, it’s expected to fall to the level of 1.6544. However, this pair is likely to try to consolidate above the POC, although the bearish bias remains very strong. The MACD indicator is entering neutral territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The
bearish bias on GBP/USD continues to strengthen and it is very likely
that this pair falls to the support level of 1.6540. This breakout
could begin a strong bearish trend in the medium term. If the pair
manages to consolidate below that level, it is expected to fall to
the level of 1.6447. The MACD indicator is still in negative
territory, so the bearish outlook remains intact.
H4 chart: This pair
has dropped to the 200-day moving average which is forming a higher
low pattern. If the pair manages to consolidate below the support
level of 1.6583, it’s expected to fall to the level of 1.6516. On the
other hand, if it manages to make a breakout on the resistance
level of 1.6667, it’s expected to rise to the level of 1.6822. The
MACD indicator is entering oversold.
H1 chart: The GBP/USD
has consolidated below the point of control near the resistance level
of 1.6629. If the pair manages to make a breakout in the support
level of 1.6578, it’s expected to fall to the level of 1.6544.
However, this pair is likely to try to consolidate above the POC,
although the bearish bias remains very strong. The MACD indicator is
entering neutral territory.
Trading recommendations for today: Based on the H1 chart,
place sell (short) orders only if the GBP/USD pair breaks a bearish
candlestick; the support level is at 1.6578, take profit is at
1.6544, and stop loss is at 1.6611.
The material has been provided by InstaForex Company – www.instaforex.com
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