Daily chart: This pair is still forming a higher low pattern over the bullish trendline and below the resistance level at 1.6046. These levels are very important in the development of the general trend of this pair, because for now, GBPUSD is bearish. However, if the pair manages to break that trendline and the support at the 1.5883 level, it is expected to fall to the level of 1.5746. MACD indicator remains in negative territory, so our bearish outlook remains intact.
H4 chart: What we have seen in this chart is a bullish rebound at the 200-day moving average. This means that GBPUSD could propel the bullish trend, because this pair has not yet formed bearish patterns. If this pair manages to break the resistance level of 1.6004, it is expected to rise to the level of 1.6105. On the other hand, if the pair manages to break the support at the level of 1.5905, it is expected to drop to the level of 1.5825. The MACD indicator remains in positive territory.
H1 chart: GBPUSD opened this week with a bullish gap. It is very likely that this pair fall to support at the 1.5925 level to fill this gap. If this pair manages to break the resistance at the 1.5980 level, one would expect it to rise to the level of 1.6031, where the 200-day moving average is placed. On the other hand, if the pair manages to break the support at the level of 1.5925, it is expected to drop to the level of 1.5871. The MACD indicator is in extremely oversold zone and 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: This pair is still forming a higher low pattern over the bullish trendline and below the resistance level at 1.6046. These levels are very important in the development of the general trend of this pair, because for now, GBPUSD is bearish. However, if the pair manages to break that trendline and the support at the 1.5883 level, it is expected to fall to the level of 1.5746. MACD indicator remains in negative territory, so our bearish outlook remains intact.
H4 chart: What we have seen in this chart is a bullish rebound at the 200-day moving average. This means that GBPUSD could propel the bullish trend, because this pair has not yet formed bearish patterns. If this pair manages to break the resistance level of 1.6004, it is expected to rise to the level of 1.6105. On the other hand, if the pair manages to break the support at the level of 1.5905, it is expected to drop to the level of 1.5825. The MACD indicator remains in positive territory.
H1 chart: GBPUSD opened this week with a bullish gap. It is very likely that this pair fall to support at the 1.5925 level to fill this gap. If this pair manages to break the resistance at the 1.5980 level, one would expect it to rise to the level of 1.6031, where the 200-day moving average is placed. On the other hand, if the pair manages to break the support at the level of 1.5925, it is expected to drop to the level of 1.5871. The MACD indicator is in extremely oversold zone and 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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