Daily chart: The GBP/USD has been forming a higher low pattern below the 1.6326 level. It seems that this pair is unlikley to continue falling, because it is finding support at current levels. If the GBP/USD pair takes a bullish rebound, it’s expected to rise to the level of 1.6447. Moreover, if this pair does break the support at the level of 1.6235, it is expected to fall to the level of 1.6146. The MACD indicator is still in negative territory.
H4 chart: This pair has found support at the 1.6292 level and above that level, the GBP/USD is forming a bearish pattern. If the pair manages to break this support level, it is expected to fall to the level of 1.6262. On the other hand, it’s expected to rise to the resistance level at 1.6441 in the medium term, if it makes a bullish rebound to current levels. The MACD indicator is in oversold zone and entering positive territory.
H1 chart: The GBP/USD remains in the range between 1.6331 and 1.6291 levels . If this pair does break the support level at 1.6291, it’s expected to fall to the level of 1.6252, which would be a nice boost for the current bearish trend. On the other hand, if it manages to consolidate above the 200 day moving average, it is likely to rise to the level of 1.6375. The MACD indicator is still 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: The GBP/USD has been forming a higher low pattern below the 1.6326 level. It seems that this pair is unlikley to continue falling, because it is finding support at current levels. If the GBP/USD pair takes a bullish rebound, it’s expected to rise to the level of 1.6447. Moreover, if this pair does break the support at the level of 1.6235, it is expected to fall to the level of 1.6146. The MACD indicator is still in negative territory.
H4 chart: This pair has found support at the 1.6292 level and above that level, the GBP/USD is forming a bearish pattern. If the pair manages to break this support level, it is expected to fall to the level of 1.6262. On the other hand, it’s expected to rise to the resistance level at 1.6441 in the medium term, if it makes a bullish rebound to current levels. The MACD indicator is in oversold zone and entering positive territory.
H1 chart: The GBP/USD remains in the range between 1.6331 and 1.6291 levels . If this pair does break the support level at 1.6291, it’s expected to fall to the level of 1.6252, which would be a nice boost for the current bearish trend. On the other hand, if it manages to consolidate above the 200 day moving average, it is likely to rise to the level of 1.6375. The MACD indicator is still 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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