Daily chart: GBPUSD is consolidating below resistance at the 1.6447 level, and it is very likely that this pair will extend its corrective movement to the support level of 1.6235. However, this pair is still very bullish, so it is not advisable to place orders against the trend for now. In addition, GBPUSD is still forming a lower high pattern, so we recommend waiting for a breakout of the resistance level at 1.6447. The MACD indicator is still in extremely overbought zone and entering neutral territory.
H4 chart: This pair remains within the range between the 1.6441 and 1.6262 levels; also GBPUSD stays below the bullish trend line, so this pair is moving because there is uncertainty about the trend this final pair to the end of the year. If the pair manages to break the support level at 1.6247, it is expected to fall to the level of 1.6164, where the 200-day moving average is located. The MACD indicator is in extremely oversold zone and entering neutral territory.
H1 chart: GBPUSD remains consolidating above the 200-day moving average, so it is very likely that this pair will continue to strengthen the bullish trend, because GBPUSD is finding dynamic support at the 200 SMA. If the pair manages to break the support level at 1.6331, it is expected to fall to the level of 1.6291. On the other hand, it is expected to rise to the level of 1.6375 if the pair takes a bullish rebound to current levels. The MACD indicator remains in 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 1.6375, take profit is at 1.6419, and stop loss is at 1.6330.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: GBPUSD is consolidating below resistance at the 1.6447 level, and it is very likely that this pair will extend its corrective movement to the support level of 1.6235. However, this pair is still very bullish, so it is not advisable to place orders against the trend for now. In addition, GBPUSD is still forming a lower high pattern, so we recommend waiting for a breakout of the resistance level at 1.6447. The MACD indicator is still in extremely overbought zone and entering neutral territory.
H4 chart: This pair remains within the range between the 1.6441 and 1.6262 levels; also GBPUSD stays below the bullish trend line, so this pair is moving because there is uncertainty about the trend this final pair to the end of the year. If the pair manages to break the support level at 1.6247, it is expected to fall to the level of 1.6164, where the 200-day moving average is located. The MACD indicator is in extremely oversold zone and entering neutral territory.
H1 chart: GBPUSD remains consolidating above the 200-day moving average, so it is very likely that this pair will continue to strengthen the bullish trend, because GBPUSD is finding dynamic support at the 200 SMA. If the pair manages to break the support level at 1.6331, it is expected to fall to the level of 1.6291. On the other hand, it is expected to rise to the level of 1.6375 if the pair takes a bullish rebound to current levels. The MACD indicator remains in 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 1.6375, take profit is at 1.6419, and stop loss is at 1.6330.
The material has been provided by InstaForex Company – www.instaforex.com
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