Daily chart: GBPUSD touched the support level of 1.5506 and now it is trying to break this level. If the pair manages to break it, it is expected to fall to the level of 1.5407. On the other hand, GBPUSD may conduct a bullish rebound at this support point because the 200-day moving average is lies close to it. The pair is rising to the resistance level of 1.5642. However, if GBPUSD manages to consolidate below the 200-day moving average and preferably below the support level of 1.5407, we will expect this pair to begin a strong bearish trend in this chart. The MACD indicator is in negative and extreme overbought territory.
H4 chart: This pair is trying to approach the 200-day moving average near the support level of 1.5436. If this pair manages to break the resistance level of 1.5604, it is expected to rise to the level of 1.5698. Furthermore, if GBPUSD manages to break the support level of 1.5411, it is expected to drop to the level of 1.5341. The MACD indicator remains in negative territory, but it is possible that it will enter neutral territory in the coming hours.
H1 chart: GBPUSD is encountering strong resistance at the 1.5534 level, which houses the Point of Control (POC), which is holding any rallies of this pair. If GBPUSD manages to break the support at the 1.5501 level, it is expected to fall to the level of 1.5460. On the other hand, if GBPUSD manages to break the resistance at the 1.5590 level (above the SMA 200), it is expected to rise to the level of 1.5632. The MACD indicator is in neutral and extreme overbought territory, which could support our bearish outlook for this pair.
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 1.5501, take profit is at 1.5460, and stop loss is at 1.5541.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: GBPUSD touched the support level of 1.5506 and now it is trying to break this level. If the pair manages to break it, it is expected to fall to the level of 1.5407. On the other hand, GBPUSD may conduct a bullish rebound at this support point because the 200-day moving average is lies close to it. The pair is rising to the resistance level of 1.5642. However, if GBPUSD manages to consolidate below the 200-day moving average and preferably below the support level of 1.5407, we will expect this pair to begin a strong bearish trend in this chart. The MACD indicator is in negative and extreme overbought territory.
H4 chart: This pair is trying to approach the 200-day moving average near the support level of 1.5436. If this pair manages to break the resistance level of 1.5604, it is expected to rise to the level of 1.5698. Furthermore, if GBPUSD manages to break the support level of 1.5411, it is expected to drop to the level of 1.5341. The MACD indicator remains in negative territory, but it is possible that it will enter neutral territory in the coming hours.
H1 chart: GBPUSD is encountering strong resistance at the 1.5534 level, which houses the Point of Control (POC), which is holding any rallies of this pair. If GBPUSD manages to break the support at the 1.5501 level, it is expected to fall to the level of 1.5460. On the other hand, if GBPUSD manages to break the resistance at the 1.5590 level (above the SMA 200), it is expected to rise to the level of 1.5632. The MACD indicator is in neutral and extreme overbought territory, which could support our bearish outlook for this pair.
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 1.5501, take profit is at 1.5460, and stop loss is at 1.5541.
The material has been provided by InstaForex Company – www.instaforex.com
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