Daily chart: Finally, GBPUSD broke the resistance at the 1.5266 level and approached the resistance level of 1.5394, after completion of forming a lower high pattern below that level at 1.5266. The trend of this pair now is bullish, although it is still below the 200-day moving average. Now, it is very possible that the GBPUSD pair starts to form another lower high pattern and if the pair manages to break the resistance at the 1.5394 level, it is expected to rise to the level of 1.5523, which houses the 200-day moving average. On the other hand, if there is insufficient strength and this bullish pair again breaks the support level 1.5266, it is expected to fall to the level of 1.5159. The MACD indicator is in positive territory, which supports a bullish outlook on this pair for now.
H4 chart: The GBPUSD pair upward exceeded the 200-day moving average and is trying to break the bearish trend line near the 1.5300 psychological level. Now the GBPUSD is forming a lower high pattern below the resistance level 1.5341. If GBPUSD manages to break this resistance, would be expected to rise to the level of 1.5390, where a bearish trend line is making resistance on the cable. On the other hand, we must consider this pair formed a fractal above resistance level 1.5341, which could indicate that this resistance is strong. The MACD indicator remains in positive territory and is starting to show signs of overbought in this pair.
H1 chart: In this chart, it has formed a Point of Control (POC) near the support at the 1.5249 level. Furthermore, the cable is forming a lower high pattern below the resistance level at 1.5376. Recall that this pair made a bullish rebound above the 200-day moving average and this allowed it to break a lot of resistance levels on their bullish road. If GBPUSD managed to break the resistance 1.5376 level, would be expected to rise to the level of 1.5406. Furthermore, there is also the possibility that, if GBPUSD breaks the strong support at the level of 1.5249, it is expected to drop to the level of 1.5198, which houses the moving average 200, making this pair dynamic support. The MACD indicator is entering negative territory, because it is in extreme overbought levels, but may enter the positive territory in the coming hours.
Fundamental outlook: For today’s session in the United States at 12:30 GMT Trade Balance (Previous:-38.8B / Forecast:-41.1B) will be released. If the current reading is higher than the forecast, GBPUSD may perform bullish movements during the time.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBPUSD pair breaks with a bullish candlestick, the resistance level is at 1.5376, take profit is at 1.5406, and stop loss is at 1.5350.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: Finally, GBPUSD broke the resistance at the 1.5266 level and approached the resistance level of 1.5394, after completion of forming a lower high pattern below that level at 1.5266. The trend of this pair now is bullish, although it is still below the 200-day moving average. Now, it is very possible that the GBPUSD pair starts to form another lower high pattern and if the pair manages to break the resistance at the 1.5394 level, it is expected to rise to the level of 1.5523, which houses the 200-day moving average. On the other hand, if there is insufficient strength and this bullish pair again breaks the support level 1.5266, it is expected to fall to the level of 1.5159. The MACD indicator is in positive territory, which supports a bullish outlook on this pair for now.
H4 chart: The GBPUSD pair upward exceeded the 200-day moving average and is trying to break the bearish trend line near the 1.5300 psychological level. Now the GBPUSD is forming a lower high pattern below the resistance level 1.5341. If GBPUSD manages to break this resistance, would be expected to rise to the level of 1.5390, where a bearish trend line is making resistance on the cable. On the other hand, we must consider this pair formed a fractal above resistance level 1.5341, which could indicate that this resistance is strong. The MACD indicator remains in positive territory and is starting to show signs of overbought in this pair.
H1 chart: In this chart, it has formed a Point of Control (POC) near the support at the 1.5249 level. Furthermore, the cable is forming a lower high pattern below the resistance level at 1.5376. Recall that this pair made a bullish rebound above the 200-day moving average and this allowed it to break a lot of resistance levels on their bullish road. If GBPUSD managed to break the resistance 1.5376 level, would be expected to rise to the level of 1.5406. Furthermore, there is also the possibility that, if GBPUSD breaks the strong support at the level of 1.5249, it is expected to drop to the level of 1.5198, which houses the moving average 200, making this pair dynamic support. The MACD indicator is entering negative territory, because it is in extreme overbought levels, but may enter the positive territory in the coming hours.
Fundamental outlook: For today’s session in the United States at 12:30 GMT Trade Balance (Previous:-38.8B / Forecast:-41.1B) will be released. If the current reading is higher than the forecast, GBPUSD may perform bullish movements during the time.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBPUSD pair breaks with a bullish candlestick, the resistance level is at 1.5376, take profit is at 1.5406, and stop loss is at 1.5350.
The material has been provided by InstaForex Company – www.instaforex.com
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