Daily chart: GBPUSD made a bearish rebound at the resistance at 1.6235, and now this pair has dropped to support at the 1.6146 level. If the pair manages to break that level, it is expected to fall to the level of 1.6046. Moreover, this pair is forming a lower high pattern below the level of 1.6235. This pair is likely to conduct a bullish rebound at current levels and up to the level of 1.6235. The MACD indicator is in extreme overbought zone and entering negative territory.
H4 chart: This pair is trying to break the support at the 1.6164 level, because this pair found resistance at the 1.6247 level. If the pair manages to break this support level, it would be expected to fall to the level of 1.6100. Furthermore, the GBPUSD remains within the low range and forming a lower high pattern. Any breakout of the resistance at the 1.6247 level could strengthen the bullish outlook for this pair. The MACD indicator is entering negative territory and still has not entered extremely oversold zone.
H1 chart: This pair is consolidating below the resistance at the 1.6170 level, but it seems that the GBPUSD wants to consolidate above that level. If successful, it is expected to rise to the level of 1.6216. On the other hand, if the pair manages to consolidate below the level of 1.6170, it is expected to fall to the level of support 1.6117. The MACD indicator is in positive territory and GBPUSD still remains above the 200-day moving average, which strengthens our bullish outlook for this pair.
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 at 1.6235, and now this pair has dropped to support at the 1.6146 level. If the pair manages to break that level, it is expected to fall to the level of 1.6046. Moreover, this pair is forming a lower high pattern below the level of 1.6235. This pair is likely to conduct a bullish rebound at current levels and up to the level of 1.6235. The MACD indicator is in extreme overbought zone and entering negative territory.
H4 chart: This pair is trying to break the support at the 1.6164 level, because this pair found resistance at the 1.6247 level. If the pair manages to break this support level, it would be expected to fall to the level of 1.6100. Furthermore, the GBPUSD remains within the low range and forming a lower high pattern. Any breakout of the resistance at the 1.6247 level could strengthen the bullish outlook for this pair. The MACD indicator is entering negative territory and still has not entered extremely oversold zone.
H1 chart: This pair is consolidating below the resistance at the 1.6170 level, but it seems that the GBPUSD wants to consolidate above that level. If successful, it is expected to rise to the level of 1.6216. On the other hand, if the pair manages to consolidate below the level of 1.6170, it is expected to fall to the level of support 1.6117. The MACD indicator is in positive territory and GBPUSD still remains above the 200-day moving average, which strengthens our bullish outlook for this pair.
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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