Daily chart: GBPUSD has performed a breakout below the support level of 1.6326. Now, it is very likely that this pair fall to the level of 1.6235, due to the strengthening of the current bearish trend in this pair. However, this is expected to begin forming a bearish pattern with some corrective movements to continue to drop. However, overall, this pair is still bullish, so we cannot anticipate and we say that GBPUSD is in a bearish trend in the long term. The MACD indicator is in extremely overbought zone and entering negative territory.
H4 chart: GBPUSD is approaching the 200-day moving average near 1.6247. This level is quite important, since the 200 SMA could serve as dynamic support to curb the current downturn. If the pair manages to break the support level at 1.6247, it is expected to fall to the level of 1.6164. The MACD indicator is still in negative territory.
H1 chart: This pair is consolidating below the 200-day moving average, with the formation of a higher low pattern near the 1.6291 level. This could mean the strengthening of the bearish trend in the short term. Furthermore, this pair may manage to break the resistance level of 1.6331 , which is expected to rise to the level of 1.6375, above the 200 SMA. Moreover, if this pair does break the support at the level of 1.6252, it is expected to fall to the level of 1.6216. The MACD indicator is 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 1.6252, take profit is at 1.6216, and stop loss is at 1.6291.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: GBPUSD has performed a breakout below the support level of 1.6326. Now, it is very likely that this pair fall to the level of 1.6235, due to the strengthening of the current bearish trend in this pair. However, this is expected to begin forming a bearish pattern with some corrective movements to continue to drop. However, overall, this pair is still bullish, so we cannot anticipate and we say that GBPUSD is in a bearish trend in the long term. The MACD indicator is in extremely overbought zone and entering negative territory.
H4 chart: GBPUSD is approaching the 200-day moving average near 1.6247. This level is quite important, since the 200 SMA could serve as dynamic support to curb the current downturn. If the pair manages to break the support level at 1.6247, it is expected to fall to the level of 1.6164. The MACD indicator is still in negative territory.
H1 chart: This pair is consolidating below the 200-day moving average, with the formation of a higher low pattern near the 1.6291 level. This could mean the strengthening of the bearish trend in the short term. Furthermore, this pair may manage to break the resistance level of 1.6331 , which is expected to rise to the level of 1.6375, above the 200 SMA. Moreover, if this pair does break the support at the level of 1.6252, it is expected to fall to the level of 1.6216. The MACD indicator is 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 1.6252, take profit is at 1.6216, and stop loss is at 1.6291.
The material has been provided by InstaForex Company – www.instaforex.com
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