Daily chart: The GBPUSD pair remains above the 200-day moving average and slowly is approaching to the resistance at the 1.5795 level. It is very possible that in today’s session, GBPUSD touches resistance at 1.5795. If the cable breaks that resistance, it would be expected to rise to the level of 1.5883. On the other hand, if GBPUSD makes a bearish rebound to the level of 1.5795, it is expected to fall to the level of support 1.5642. If the pair manages to break this support (which is unlikely), it would be expected to fall to the level of 1.5506. The MACD indicator is in positive territory but is showing signs of overbought in this pair.
H4 chart: GBPUSD continues to consolidate support above the level of 1.5675 and still exists the possibility that this pair rises to the resistance level of 1.5826. On the other hand, if GBPUSD achieves in breaking the bullish trend lines that are below the level of support 1.5675, it is expected to drop to the level of 1.5604. In this chart, the cord remains above the SMA 200. The MACD indicator is in neutral territory, reflecting that this pair is waiting to react to future fundamental news which are published today in the UK.
H1 chart: In yesterday’s session, GBPUSD remained within the range between 1.5739 and 1.5686. Within this range, it has formed a Point of Control (POC) near the 1.5705 level, which can serve as support in this pair, but we must be aware of how you react in this cable POC. If GBPUSD manages to break the resistance at the 1.5739 level, it is expected to rise to the level of 1.5810, a free zone for the cable to strengthen its current bullish trend. On the other hand, if GBPUSD breaks the support at the level of 1.5686, it is expected to drop to the level of 1.5632. The MACD indicator is in neutral territory but we must consider that GBPUSD remains above the 200-day moving average, so our bullish outlook remains.
Fundamental Outlook: For today’s session in the UK at 8:30 GMT, the CPI (Previous: 2.4% / Forecast: 2.6%) and during the day BOE Inflation Letter will be published. In the United States at 12:30 GMT, will be published on Building Permits (Previous: 1.01M / Forecast: 0.98m) and the Core CPI (Previous: 0.1% / Forecast: 0.2%). Recall that today will be the second day of the G8 meetings.
Trading recommendations for today: Based on the H1 chart, Place buy (long) orders only if the GBP/USD pair breaks with a bullish candlestick, the resistance level is at 1.5739, take profit is at 1.5810, and stop loss is at 1.5669. Place sell (short) orders only if the GBP/USD pair breaks with a bearish candlestick, the support level is at 1.5686, take profit is at 1.5632, and stop loss is at 1.5742.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The GBPUSD pair remains above the 200-day moving average and slowly is approaching to the resistance at the 1.5795 level. It is very possible that in today’s session, GBPUSD touches resistance at 1.5795. If the cable breaks that resistance, it would be expected to rise to the level of 1.5883. On the other hand, if GBPUSD makes a bearish rebound to the level of 1.5795, it is expected to fall to the level of support 1.5642. If the pair manages to break this support (which is unlikely), it would be expected to fall to the level of 1.5506. The MACD indicator is in positive territory but is showing signs of overbought in this pair.
H4 chart: GBPUSD continues to consolidate support above the level of 1.5675 and still exists the possibility that this pair rises to the resistance level of 1.5826. On the other hand, if GBPUSD achieves in breaking the bullish trend lines that are below the level of support 1.5675, it is expected to drop to the level of 1.5604. In this chart, the cord remains above the SMA 200. The MACD indicator is in neutral territory, reflecting that this pair is waiting to react to future fundamental news which are published today in the UK.
H1 chart: In yesterday’s session, GBPUSD remained within the range between 1.5739 and 1.5686. Within this range, it has formed a Point of Control (POC) near the 1.5705 level, which can serve as support in this pair, but we must be aware of how you react in this cable POC. If GBPUSD manages to break the resistance at the 1.5739 level, it is expected to rise to the level of 1.5810, a free zone for the cable to strengthen its current bullish trend. On the other hand, if GBPUSD breaks the support at the level of 1.5686, it is expected to drop to the level of 1.5632. The MACD indicator is in neutral territory but we must consider that GBPUSD remains above the 200-day moving average, so our bullish outlook remains.
Fundamental Outlook: For today’s session in the UK at 8:30 GMT, the CPI (Previous: 2.4% / Forecast: 2.6%) and during the day BOE Inflation Letter will be published. In the United States at 12:30 GMT, will be published on Building Permits (Previous: 1.01M / Forecast: 0.98m) and the Core CPI (Previous: 0.1% / Forecast: 0.2%). Recall that today will be the second day of the G8 meetings.
Trading recommendations for today: Based on the H1 chart, Place buy (long) orders only if the GBP/USD pair breaks with a bullish candlestick, the resistance level is at 1.5739, take profit is at 1.5810, and stop loss is at 1.5669. Place sell (short) orders only if the GBP/USD pair breaks with a bearish candlestick, the support level is at 1.5686, take profit is at 1.5632, and stop loss is at 1.5742.
The material has been provided by InstaForex Company – www.instaforex.com
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