Daily chart: This pair remains above the support at the 1.6046 level. For now, the pair begins to perform slower movements at the end of the week, because this pair has been very bullish within the recent days. However, if this pair does break the support at the level of 1.6046, it is expected to drop to the level of 1.5883. In any case, GBPUSD continues forming a bullish pattern. The MACD indicator is entering neutral territory.
H4 chart: GBPUSD made a bullish rebound at the 200-day moving average near the 1.6004 level. For now, it remains our hypothesis that this pair will form a bullish pattern to try to break the bullish trend line near the 1.6125 level. If successful, it is expected to rise to the resistance level at 1.6164. The MACD indicator is entering neutral territory and in extremely overbought area.
H1 chart: This pair made a rebound from the support at the 1.6031 level and for now, this pair is consolidating above the 200-day moving average, with the formation of a lower high pattern. If this pair manages to break the resistance level of 1.6117, it is expected to rise to the level of 1.6170. On the other hand, if the pair manages to break the support at the level of 1.6075, it is expected to drop to the level of 1.6031. The MACD indicator remains in positive territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6117, take profit is at 1.6170, and stop loss is at 1.6064.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: This pair remains above the support at the 1.6046 level. For now, the pair begins to perform slower movements at the end of the week, because this pair has been very bullish within the recent days. However, if this pair does break the support at the level of 1.6046, it is expected to drop to the level of 1.5883. In any case, GBPUSD continues forming a bullish pattern. The MACD indicator is entering neutral territory.
H4 chart: GBPUSD made a bullish rebound at the 200-day moving average near the 1.6004 level. For now, it remains our hypothesis that this pair will form a bullish pattern to try to break the bullish trend line near the 1.6125 level. If successful, it is expected to rise to the resistance level at 1.6164. The MACD indicator is entering neutral territory and in extremely overbought area.
H1 chart: This pair made a rebound from the support at the 1.6031 level and for now, this pair is consolidating above the 200-day moving average, with the formation of a lower high pattern. If this pair manages to break the resistance level of 1.6117, it is expected to rise to the level of 1.6170. On the other hand, if the pair manages to break the support at the level of 1.6075, it is expected to drop to the level of 1.6031. The MACD indicator remains in positive territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6117, take profit is at 1.6170, and stop loss is at 1.6064.
The material has been provided by InstaForex Company – www.instaforex.com
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