Daily chart: The GBP/USD fell to the support level of 1.6540, but the pair made a bullish rebound above that level, and now it is close to the level of 1.6600. However, the GBP/USD is forming a higher low pattern in this chart and if this pair manages to make a breakout at the 1.6540 level, it’s expected to fall to the level of 1.6447, which is set slightly bullish trend line. The MACD indicator is in negative territory.
H4 chart: The GBP/USD is trying to consolidate below the 200 SMA with the formation of a bearish patttern. If the pair manages to make a breakout at the 1.6583 level, it’s expected to fall to the level of 1.6516. On the other hand, it is expected to rise to the level of 1.6644 if the pair takes a bullish rebound to current levels. The MACD indicator is in negative territory.
H1 chart: This pair found support at the point of control at the level of 1.6565 and now this pair is forming a higher low pattern below the 200 SMA. If the pair manages to make a breakout at the support level of 1.6578, it’s expected to fall to the level of 1.6544. The MACD indicator remains in positive 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 1.6629, take profit is at 1.6578, and stop loss is at 1.6682.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The
GBP/USD fell to the support level of 1.6540, but the pair made a
bullish rebound above that level, and now it is close to the
level of 1.6600. However, the GBP/USD is forming a higher low pattern
in this chart and if this pair manages to make a breakout at the
1.6540 level, it’s expected to fall to the level of 1.6447, which is
set slightly bullish trend line. The MACD indicator is in negative
territory.
H4 chart: The GBP/USD
is trying to consolidate below the 200 SMA with the formation of a
bearish patttern. If the pair manages to make a breakout at the 1.6583
level, it’s expected to fall to the level of 1.6516. On the other
hand, it is expected to rise to the level of 1.6644 if the pair takes a
bullish rebound to current levels. The MACD indicator is in negative
territory.
H1 chart: This pair
found support at the point of control at the level of 1.6565 and now
this pair is forming a higher low pattern below the 200 SMA. If the
pair manages to make a breakout at the support level of 1.6578, it’s
expected to fall to the level of 1.6544. The MACD indicator remains
in positive 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 1.6629, take profit is at
1.6578, and stop loss is at 1.6682.
The material has been provided by InstaForex Company – www.instaforex.com
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