Daily chart: The GBPUSD pair is trying to break the support at the 1.5266 level. If the pair manages to break that level, it is expected to fall to the level of 1.5159. On the other hand, it is very possible that GBPUSD makes a bullish rebound in this support, because this pair is very oversold on low charts and because today is the end of the week, the GBPUSD pair could make very slight movements to today’s session. GBPUSD stays below the 200-day moving average and the MACD indicator is in negative territory, strengthening our bearish outlook for the cable.
H4 chart: GBPUSD is forming a higher low pattern near the support at the level of 1.5260. It is very possible that this pair fall to support at 1.5195 level but it is also quite possible that the cable make a bullish rebound and go up to the resistance level 1.5341, which is a bearish trend line. The GBPUSD pair continues to consolidate below the 200-day moving average and the MACD indicator is showing signs of great instability in this pair and this is because the GBPUSD pair is very close to the 200-day moving average. However, the overall outlook for the pair remains bearish in this chart.
H1 chart: The GBPUSD pair managed to form two higher low patterns in the yesterday’s session. Then, the pair made a strong bullish rebound on 1.5198 support level and the back up to resistance level at 1.5249. Now, the cable is trying to consolidate above this resistance and it would be very possible for this to rise again to the level of 1.5296. If GBPUSD manages to break that level, it would be expected to rise to the level of 1.5351. Furthermore, if GBPUSD manages to break the support level of 1.5198, it is expected to drop to the level of 1.5152. The MACD indicator remains in positive territory and still shows no signs of overbought in this pair.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: The GBPUSD pair is trying to break the support at the 1.5266 level. If the pair manages to break that level, it is expected to fall to the level of 1.5159. On the other hand, it is very possible that GBPUSD makes a bullish rebound in this support, because this pair is very oversold on low charts and because today is the end of the week, the GBPUSD pair could make very slight movements to today’s session. GBPUSD stays below the 200-day moving average and the MACD indicator is in negative territory, strengthening our bearish outlook for the cable.
H4 chart: GBPUSD is forming a higher low pattern near the support at the level of 1.5260. It is very possible that this pair fall to support at 1.5195 level but it is also quite possible that the cable make a bullish rebound and go up to the resistance level 1.5341, which is a bearish trend line. The GBPUSD pair continues to consolidate below the 200-day moving average and the MACD indicator is showing signs of great instability in this pair and this is because the GBPUSD pair is very close to the 200-day moving average. However, the overall outlook for the pair remains bearish in this chart.
H1 chart: The GBPUSD pair managed to form two higher low patterns in the yesterday’s session. Then, the pair made a strong bullish rebound on 1.5198 support level and the back up to resistance level at 1.5249. Now, the cable is trying to consolidate above this resistance and it would be very possible for this to rise again to the level of 1.5296. If GBPUSD manages to break that level, it would be expected to rise to the level of 1.5351. Furthermore, if GBPUSD manages to break the support level of 1.5198, it is expected to drop to the level of 1.5152. The MACD indicator remains in positive territory and still shows no signs of overbought in this pair.
The material has been provided by InstaForex Company – www.instaforex.com
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