Daily chart: GBP/USD continues forming a higher low pattern over the support at the level of 1.5159. We should note that GBP/USD has had very deep falls in recent days and the fundamental news for this pair, can facilitate a GBP/USD rise again to the resistance level at 1.5266. On the other hand, if GBP/USD manages to break the support at the 1.5159 level, it is expected to fall to the bullish trend line near 1.5100 level. The MACD indicator is extremely oversold, so we could see consolidation movements in this pair in the coming days. GBP/USD stays below the 200 day moving average.
H4 chart: The cable has made very slow movements in the last few hours, forming a higher low pattern below the resistance at the 1.5260 level. If GBP/USD manages to break the support at the 1.5148 level, it is expected to fall to the level of 1.5032. On the other hand, if GBP/USD manages to break the resistance level 1.5260, it is expected to rise to the level of 1.5341, where a bearish trend line is. This pair remains below the 200 day moving average and the MACD indicator continues in a positive territory, so we must be careful with this pair.
H1 chart: Near the 1.5212 level, it is forming a Point of Control (POC), which will be strong support at this level and therefore could favor further increases in GBP/USD to the resistance level at 1.5249. If the cable does break that resistance, it would be expected to rise to the level of 1.5296. Furthermore, if GBP/USD manages to break the support at the level of 1.5198, it is expected to drop to the level of 1.5152. The MACD indicator is in a negative and extremely overbought territory, which could favor a bearish outlook in the short term for this pair. In addition, GBP/USD stays below the 200 day moving average.
Fundamental outlook: For today’s session, the Construction PMI will be published at 08:30 GMT in the UK (previous: 50.8/forecast: 51.3).
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks with a bearish candlestick, the support level is at 1.5198, take profit is at 1.5152, and stop loss is at 1.5244.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: GBP/USD continues forming a higher low pattern over the support at the level of 1.5159. We should note that GBP/USD has had very deep falls in recent days and the fundamental news for this pair, can facilitate a GBP/USD rise again to the resistance level at 1.5266. On the other hand, if GBP/USD manages to break the support at the 1.5159 level, it is expected to fall to the bullish trend line near 1.5100 level. The MACD indicator is extremely oversold, so we could see consolidation movements in this pair in the coming days. GBP/USD stays below the 200 day moving average.
H4 chart: The cable has made very slow movements in the last few hours, forming a higher low pattern below the resistance at the 1.5260 level. If GBP/USD manages to break the support at the 1.5148 level, it is expected to fall to the level of 1.5032. On the other hand, if GBP/USD manages to break the resistance level 1.5260, it is expected to rise to the level of 1.5341, where a bearish trend line is. This pair remains below the 200 day moving average and the MACD indicator continues in a positive territory, so we must be careful with this pair.
H1 chart: Near the 1.5212 level, it is forming a Point of Control (POC), which will be strong support at this level and therefore could favor further increases in GBP/USD to the resistance level at 1.5249. If the cable does break that resistance, it would be expected to rise to the level of 1.5296. Furthermore, if GBP/USD manages to break the support at the level of 1.5198, it is expected to drop to the level of 1.5152. The MACD indicator is in a negative and extremely overbought territory, which could favor a bearish outlook in the short term for this pair. In addition, GBP/USD stays below the 200 day moving average.
Fundamental outlook: For today’s session, the Construction PMI will be published at 08:30 GMT in the UK (previous: 50.8/forecast: 51.3).
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks with a bearish candlestick, the support level is at 1.5198, take profit is at 1.5152, and stop loss is at 1.5244.
The material has been provided by InstaForex Company – www.instaforex.com
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