Daily chart: GBPUSD had no significant changes during the yesterday’s session, and it is still trying to break the resistance level at 1.6146. If the pair manages to break that level, it is expected to rise to the level of 1.6235, which would strengthen the bullish trend. On the other hand, if this pair makes a bearish rebound at the current levels, it would be expected to fall to the level of 1.6046. The MACD indicator remains in positive territory.
H4 chart: This pair managed to rise above resistance level at 1.6117, but GBPUSD found resistance near the 1.6145 level quickly and fell below the 1.6117 level. Now, if this pair breaks with strength the level of 1.6117, it is expected to rise to the level of 1.6164. On the other hand, if this pair makes a bearish rebound at the current levels, it would be expected to fall to the level of 1.6025, which houses the 200-day moving average.
H1 chart: Our bullish outlook still alive in this pair, because it stays above the 200-day moving average and now, the GBPUSD is trying to break the resistance level of 1.6117. If successful, it is expected to rise to the level of 1.6170, although this is likely to find resistance at the 1.6155 level. On the other hand, if the pair breaks the support at the level of 1.6075, it is expected to drop to the level of 1.6031. The MACD indicator is entering extremely oversold zone and in neutral 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 1.6063.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: GBPUSD had no significant changes during the yesterday’s session, and it is still trying to break the resistance level at 1.6146. If the pair manages to break that level, it is expected to rise to the level of 1.6235, which would strengthen the bullish trend. On the other hand, if this pair makes a bearish rebound at the current levels, it would be expected to fall to the level of 1.6046. The MACD indicator remains in positive territory.
H4 chart: This pair managed to rise above resistance level at 1.6117, but GBPUSD found resistance near the 1.6145 level quickly and fell below the 1.6117 level. Now, if this pair breaks with strength the level of 1.6117, it is expected to rise to the level of 1.6164. On the other hand, if this pair makes a bearish rebound at the current levels, it would be expected to fall to the level of 1.6025, which houses the 200-day moving average.
H1 chart: Our bullish outlook still alive in this pair, because it stays above the 200-day moving average and now, the GBPUSD is trying to break the resistance level of 1.6117. If successful, it is expected to rise to the level of 1.6170, although this is likely to find resistance at the 1.6155 level. On the other hand, if the pair breaks the support at the level of 1.6075, it is expected to drop to the level of 1.6031. The MACD indicator is entering extremely oversold zone and in neutral 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 1.6063.
The material has been provided by InstaForex Company – www.instaforex.com
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