Daily chart: GBPUSD bounced off the support level at 1.6046 and now this pair is trying to take a new path in this chart. The higher low pattern remains very much intact in this chart, however, it is likely to pair go up to resistance level of 1.6146 and if it breaks it, it is expected to rise to the level of 1.6235. On the other hand, if the pair manages to break the support level at 1.6046, the bearish trend could be strengthened in this pair. The MACD indicator remains in negative territory.
H4 chart: This pair is trying to break the bearish trendline near the 1.6125 level, but GBPUSD found resistance at the trendline. Now, this pair is likely to fall back to the support at the 1.6004 level. If the pair manages to break this support level, it would be expected to fall to the bullish trendline. On the other hand, if the pair manages to break the bearish trendline, it would be expected to rise to the level of 1.6164. The MACD indicator is entering neutral territory.
H1 chart: GBPUSD found resistance at the 1.6117 level. Now, this pair is trying to break the support at the 1.6075 level, and if it does break, it is expected to fall to the level of 1.6031. On the other hand, if the pair manages to break the resistance level 1.6117, the bullish trend in this pair could be strengthened, and therefore, it could rise to the resistance at the 1.6170 level (above the 200-day moving average). The MACD indicator is entering negative territory, so we must be cautious.
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 1.6075, take profit is at 1.6031, and stop loss is at 1.6117.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: GBPUSD bounced off the support level at 1.6046 and now this pair is trying to take a new path in this chart. The higher low pattern remains very much intact in this chart, however, it is likely to pair go up to resistance level of 1.6146 and if it breaks it, it is expected to rise to the level of 1.6235. On the other hand, if the pair manages to break the support level at 1.6046, the bearish trend could be strengthened in this pair. The MACD indicator remains in negative territory.
H4 chart: This pair is trying to break the bearish trendline near the 1.6125 level, but GBPUSD found resistance at the trendline. Now, this pair is likely to fall back to the support at the 1.6004 level. If the pair manages to break this support level, it would be expected to fall to the bullish trendline. On the other hand, if the pair manages to break the bearish trendline, it would be expected to rise to the level of 1.6164. The MACD indicator is entering neutral territory.
H1 chart: GBPUSD found resistance at the 1.6117 level. Now, this pair is trying to break the support at the 1.6075 level, and if it does break, it is expected to fall to the level of 1.6031. On the other hand, if the pair manages to break the resistance level 1.6117, the bullish trend in this pair could be strengthened, and therefore, it could rise to the resistance at the 1.6170 level (above the 200-day moving average). The MACD indicator is entering negative territory, so we must be cautious.
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 1.6075, take profit is at 1.6031, and stop loss is at 1.6117.
The material has been provided by InstaForex Company – www.instaforex.com
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