Daily chart: GBPUSD made a bearish rebound at the resistance level at 1.6235. Now, this pair has touched the support level of 1.6146; therefore, we must be very aware of that level, because this pair could make a breakout of support at that level. If successful, it is expected to fall to the level of 1.6046. On the other hand, it is expected to rise to the level of 1.6235 again if this pair makes a bullish rebound to the current levels. The MACD indicator is still in positive territory.
H4 chart: GBPUSD formed a fractal near the resistance level at 1.6247 and now this pair is trying to consolidate below resistance at the 1.6164 level, with the formation of a higher low pattern. It is very likely that this pair will fall to the support level of 1.6117. Moreover, if this pair breaks the resistance level of 1.6164 again, it will be expected to rise to the level of 1.6247.
H1 chart: This pair is trying to form a bearish pattern below resistance at 1.6170 level. For now, this pair remains above the 200-day moving average, though it is still very likely that this pair fall to the support level at 1.6117. Moreover, if this pair managed to break the resistance level of 1.6170, it is expected to rise to the level of 1.6216. The MACD indicator is entering 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 1.6170, take profit is at 1.6216, and stop loss is at 1.6125.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: GBPUSD made a bearish rebound at the resistance level at 1.6235. Now, this pair has touched the support level of 1.6146; therefore, we must be very aware of that level, because this pair could make a breakout of support at that level. If successful, it is expected to fall to the level of 1.6046. On the other hand, it is expected to rise to the level of 1.6235 again if this pair makes a bullish rebound to the current levels. The MACD indicator is still in positive territory.
H4 chart: GBPUSD formed a fractal near the resistance level at 1.6247 and now this pair is trying to consolidate below resistance at the 1.6164 level, with the formation of a higher low pattern. It is very likely that this pair will fall to the support level of 1.6117. Moreover, if this pair breaks the resistance level of 1.6164 again, it will be expected to rise to the level of 1.6247.
H1 chart: This pair is trying to form a bearish pattern below resistance at 1.6170 level. For now, this pair remains above the 200-day moving average, though it is still very likely that this pair fall to the support level at 1.6117. Moreover, if this pair managed to break the resistance level of 1.6170, it is expected to rise to the level of 1.6216. The MACD indicator is entering 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 1.6170, take profit is at 1.6216, and stop loss is at 1.6125.
The material has been provided by InstaForex Company – www.instaforex.com
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