Daily chart: GBPUSD had a strong fall in the session yesterday, after it had formed a higher low pattern above the support at the 1.6046 level. Now, the pair is expected to fall to the support level at 1.5883, where the bullish trendline is placed. If the pair manages to break that level, it is expected to fall to the level of 1.5746. On the other hand, we must remember that when a drop materializes, in this case, GBPUSD might form a higher low pattern again. The MACD indicator remains in negative territory.
H4 chart: This pair is forming a higher low pattern below the resistance level of 1.6004 and above the SMA 200. Near current levels, there is a bullish trendline which could act as support level in this pair. If the pair manages to break these levels, it is expected to fall to the level of 1.5811. On the other hand, GBPUSD is also likely to make a bullish rebound on the moving average of 200 and go up to the level of 1.6004. The MACD indicator remains in negative territory.
H1 chart: As in the H4 chart, this pair is forming a higher low pattern below the resistance at the 1.5980 level. If this pair does break the support at the level of 1.5925, it is expected to drop to the level of 1.5871. On the other hand, GBPUSD could make a bullish rebound at current levels upwards to the resistance level at 1.5980. If the pair manages to break that level, it is expected to rise to the level of 1.6031. The MACD indicator is entering neutral 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 1.5925, take profit is at 1.5871, and stop loss is at 1.5978.
The material has been provided by InstaForex Company – www.instaforex.com
Daily chart: GBPUSD had a strong fall in the session yesterday, after it had formed a higher low pattern above the support at the 1.6046 level. Now, the pair is expected to fall to the support level at 1.5883, where the bullish trendline is placed. If the pair manages to break that level, it is expected to fall to the level of 1.5746. On the other hand, we must remember that when a drop materializes, in this case, GBPUSD might form a higher low pattern again. The MACD indicator remains in negative territory.
H4 chart: This pair is forming a higher low pattern below the resistance level of 1.6004 and above the SMA 200. Near current levels, there is a bullish trendline which could act as support level in this pair. If the pair manages to break these levels, it is expected to fall to the level of 1.5811. On the other hand, GBPUSD is also likely to make a bullish rebound on the moving average of 200 and go up to the level of 1.6004. The MACD indicator remains in negative territory.
H1 chart: As in the H4 chart, this pair is forming a higher low pattern below the resistance at the 1.5980 level. If this pair does break the support at the level of 1.5925, it is expected to drop to the level of 1.5871. On the other hand, GBPUSD could make a bullish rebound at current levels upwards to the resistance level at 1.5980. If the pair manages to break that level, it is expected to rise to the level of 1.6031. The MACD indicator is entering neutral 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 1.5925, take profit is at 1.5871, and stop loss is at 1.5978.
The material has been provided by InstaForex Company – www.instaforex.com
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