Daily chart: The GBP/USD has had a fall to the support level of 1.6540 and now this pair is trying to consolidate below that level. However, it is expected that the GBP/USD start forming a higher low pattern. It should be noted that near the support level of 1.6447, there is a bullish trend line that could serve as support for this pair. The MACD indicator is in negative territory.
H4 chart: This pair found resistance near the 1.6644 level and fell below the 200 SMA. Now, the GBP/USD is forming a higher low pattern. If the pair manages to make a breakout at the support level of 1.6516, it’s expected to fall to the level of 1.6483. On the other hand, if the GBP/USD manages to consolidate above the 1.6592 level, it’s expected to rise to the level of 1.6644. The MACD indicator is in negative territory.
H1 chart: The GBP/USD is forming a higher low pattern below the resistance level of 1.6544. If the pair manages to make a breakout at the support level of 1.6507, it’s expected to fall to the level of 1.6464. On the other hand, if the pair manages to make a consolidation above the 1.6544 level, it’s expected to rise to the level of 1.6578. The MACD indicator is in negative 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 1.6507, take profit is at 1.6464, and stop loss is at 1.6549.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The
GBP/USD has had a fall to the support level of 1.6540 and now this
pair is trying to consolidate below that level. However, it is
expected that the GBP/USD start forming a higher low pattern. It
should be noted that near the support level of 1.6447, there is a bullish
trend line that could serve as support for this pair. The MACD
indicator is in negative territory.
H4 chart: This pair
found resistance near the 1.6644 level and fell below the 200
SMA. Now, the GBP/USD is forming a higher low pattern. If the pair
manages to make a breakout at the support level of 1.6516, it’s
expected to fall to the level of 1.6483. On the other hand, if the
GBP/USD manages to consolidate above the 1.6592 level, it’s expected
to rise to the level of 1.6644. The MACD indicator is in negative
territory.
H1 chart: The GBP/USD
is forming a higher low pattern below the resistance level of 1.6544.
If the pair manages to make a breakout at the support level of
1.6507, it’s expected to fall to the level of 1.6464. On the other
hand, if the pair manages to make a consolidation above the 1.6544
level, it’s expected to rise to the level of 1.6578. The MACD
indicator is in negative 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 1.6507, take profit is at
1.6464, and stop loss is at 1.6549.
The material has been provided by InstaForex Company – www.instaforex.com
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