Daily chart: GBPUSD found resistance at the 1.6235 level and now this pair is trying to fall to the support level at 1.6146. For now, this pair is still making lower high forming a bullish pattern and the trend is still very much alive in this pair. However, the pair can manage to break the support at the 1.6146 level. On the other hand, if the GBPUSD breaks the resistance at the 1.6235 level, it would be expected to rise to the level of 1.6326. The MACD indicator is entering extremely overbought zone and staying in neutral territory.
H4 chart: This pair has begun falling from the resistance at the 1.6247 level to the support level of 1.6164. If the pair manages to break this support level, it would be expected to fall to the 1.6100 psychological level. On the other hand, it is likely that the GBPUSD does a bullish rebound at current levels and tries to climb to the resistance at the 1.6247 level. It is advisable to follow the bullish general trend of GBPUSD, because this is the strongest trend for now. The MACD indicator is in negative territory and GBPUSD remains above the 200-day moving average.
H1 chart: This pair is forming a higher low pattern over the support at the level of 1.6170. If the pair manages to break that level, it is expected to fall to the level of 1.6117. On the other hand, GBPUSD could do a bullish rebound at current levels and go up to the resistance level at 1.6216. However, the bearish intraday trend of this pair is very strong, so we must be cautious. The MACD indicator is in negative territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6170, take profit is at 1.6117, and stop loss is at 1.6225.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: GBPUSD found resistance at the 1.6235 level and now this pair is trying to fall to the support level at 1.6146. For now, this pair is still making lower high forming a bullish pattern and the trend is still very much alive in this pair. However, the pair can manage to break the support at the 1.6146 level. On the other hand, if the GBPUSD breaks the resistance at the 1.6235 level, it would be expected to rise to the level of 1.6326. The MACD indicator is entering extremely overbought zone and staying in neutral territory.
H4 chart: This pair has begun falling from the resistance at the 1.6247 level to the support level of 1.6164. If the pair manages to break this support level, it would be expected to fall to the 1.6100 psychological level. On the other hand, it is likely that the GBPUSD does a bullish rebound at current levels and tries to climb to the resistance at the 1.6247 level. It is advisable to follow the bullish general trend of GBPUSD, because this is the strongest trend for now. The MACD indicator is in negative territory and GBPUSD remains above the 200-day moving average.
H1 chart: This pair is forming a higher low pattern over the support at the level of 1.6170. If the pair manages to break that level, it is expected to fall to the level of 1.6117. On the other hand, GBPUSD could do a bullish rebound at current levels and go up to the resistance level at 1.6216. However, the bearish intraday trend of this pair is very strong, so we must be cautious. The MACD indicator is in negative territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6170, take profit is at 1.6117, and stop loss is at 1.6225.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: